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No. 34,152 


51/92 • 


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PARIS, WEDNESDAY, DECEMBER 16, 1992 


ESTABLISHED 1887 




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FamSy and friends of Sergeant Major Nisshn Tofedano, who was 


Kali HmA/Tht AwoMod Prcv. 

to console each other. 


Stubbed Body 
Of Kidnapped 
Border Guard 
Found in Israel 


By Gyde Haberman 

New York Times Smite 

KFAR ADUMIM, Israeli-Occupied West 
Bank — The stabbed and bound body of on 
Israeli border policeman was found Tuesday 
alongside a highway near this Jewish settle- 
ment outside Jerusalem, two days after Is- 
lamic militants kidnapped him in an attempt 
to free their jailed leader. 

The murder of Sergeant Major Nissim To- 
ledano, 29, sent waves of anti -Arab anger 
rolling across load, where many people were 
already badly shaken by an abduction viewed 
as a daring challenge (o Israeli authority, 
especially in the occupied West Bank and 
Gaza Strip. 

Cries for vengeance were intense in Ser- 
geant ToJedano’s hometown of Lod, a mixed 
Jewish and Arab town in Israel proper. Soon 
after word of his death came, policemen cir- 
cled the main Arab quarter to keep bands of 
screaming Jewish youths from entering, and 
arrested 14 of them. 

In the Knesset, or parliament, politicians 
of all ideological stripes demanded a swift 
and harsh crackdown against Hamas, a 
Gaza-based group of Islamic militants that 
rejects both Israeli statehood and Palestinian 
involvement in the Middle East peace talks. 
Hamas has claimed responsibility for the 
deaths of five uniformed Israelis in the last 
eight days. 

On Sunday, an armed wing of the organi- 
zation said it had taken Sergeant Toledano 
captive, threatening to kill him unless Israel 
released the imprisoned founder of their 
movement. Sheikh Ahmed Yassin. 

Even commit red doves who do not normal- 
ly call for laugh measures insisted on anti- 
Hamas reprisals, which a few said could in- 
dude deportations, an action they have 

See ISRAEL, Page 6 


Along the Road to Somali Famine, Troops See Signs of Health 


By Eric Schmitt 

New York Tima Service 

BALI DOGLE, Somalia — Lance Cc 
Larry Abeyta gazed out at the lush cornfields 
and herds of cattle and camels whizzing by his ■; 
window, and cpuldp'l fetf . 
be was in Anierica’-s beftttiand instead of Soiria- 
Ua_ 

“We were expecting tr desert wasteland, not 
this,” said Corporal Abeyta, 25, a TOW anti- 
tank gunner from Redondo Beach. California. 


“There’s all this fertile farmland. It's mined Marines said 
while we were here. And we haven’t seen any about starving 

Staiyrngpeople.” route seaned relatively, well-fed. The troops 

A convoy . of some 700 UJ5. Marines .and brought armored vehicles, anti-tank bazookas 
Frcn$t Foreign Legionnaires, in. TO velric^. aad 


first push into the Somali interior .toward the 
epicenter of the man-made famine belt. And 
many Marines said the three-hour drive to Bali 
Dogle, the midway point, was a journey In 
contradictions with a touch of the absurd. 


ipwtne^ 

an Ainencari Dag flew over the control tower at 
the Soviet-built airstrip in Bali Dogle, which 
wfl] be the major staging area for relief supplies 
into Baidoa. 


The Maxines were scheduled to leave the air 
- base early Wednesday, and all vehicles are 
undo- strict orders to drive with their lights off 
for security reasons. 

Some .soldiers, however, think the precau- 
.-JLiojaf andite show of mightbavt been, a tad 
much," ' v- 

“Everybody’s cranking this up to be some- 
thing iCs not," said Lance Corporal Freddie 
Piro, 26, a Marine sniper from Los Angeles. 
“We could have done this mission with a lot 


less, but we wanted to scare the crap out of 
people. It's also an insurance policy so that we 
don’t get hurt." 

To be sure, the conditions in Baidoa, where 
the Marines are to arrive early Wednesday, are 
much worse than they were alorg the road frera 
Mogadishu. The number of people dying from 
Starvation had dropped to SO a day last month 
from a high of 300 a day in September, but 

See SOMALIA, Page 6 


Iii Russian Power Shift, 
An Unfinished Agenda 


By Michael Dobbs 

Washington Post Service 

MOSCOW — When Yegor T. Gaidar 
accepted the task of putting Russia on the 
road to capitalism, he described himself as a 
political kamikaze. His main goal he said, 
was not to ding to office but to ensure the 
irreversibility of the reforms. 

After a year of free-market polities. Rus- 
sia is in many ways a very different country 
from the one that Prime Minister Gaidar 
and his government inherited. Prices have 
been freed. The communist system of cen- 
tralized distribution has been largely dis- 
mantled. Money has replaced barter as the 
driving force of the economy. Moscow and 
other large cities have been transformed by 
the presence of tens of thousands of street 
traders. 

At the same time, there is a lot that the 
Gaidar government has been unable to 
achieve. Large-scale privatization is only be- 
ginning to get under way. Entrepreneurial 
energies have been channeled mto trade 
rather than production. By failing to meet 
inflation ana budget-deficit targets set by 
the International Monetary Fund, the gov- 
ernment has failed to lock Russia into the 
“virtuous cycle” that could have opened the 
door to massive foreign investment and the 
radical restructuring of the economy. 

Mr. Gaidar, who formerly was a commen- 
tator for the Communist Party newspaper 
Pravda, is likely to go down in Russian 
history os the man who drove the last nail 
into the coffin of communism. But that is 
very different from building capitalism. As 


he leaves office, sacrificed by President Bo- 
ris N. Yeltsin in his battle with conservative 
legislators, there is a sense that the task of 
building a stable free-market democracy has 
only begun. 

“Everybody knew that this government 
would be forced to step down sooner rather 
than later,” said Leonid Guzman, a political 
scientist and adviser to the Gaidar team. 
“Bui right op until the last minute, they 
hoped to get another three or four months, 
winch might have allowed them to build the 
basis of a healthy economy.” 

In the view of most analysts here, Mr. 
Gaidai's ouster is likely at the least to mean 
a slowing of the economic plan and could 
signal the be ginning of a retreat The new 

NEWS ANALYSIS ’ 

prime minister, Viktor S. Chernomyrdin, is 
an industrialist steeped in the ways of the 
system that Mr. Gaidar sought to supplant. 
He has pledged to continue the changes, but 
not at the price of “the impoverishment of 
the people. 

“This is an important change of economic . 
strategy," said Viktor Shemis, a liberal legis- 
lator and supporter of Mr. Gaidar’s. “Cher- 
nomyrdin will favor a larger role for govern- 
ment in the economy. He is Beefy to put the 
emphasis on economic stabilization, and 
stopping the decline in industrial produc- 
tion, rather than financial stabilization." 

Although Mr. Gaidar frequently was de- 
picted as a cold-hearted monetarist, the poli- 

See RUSSIA, Page 6 


i new prime minister is known as a 
hard-working, competent manager. Page 7 


moves to reassm the West on 
economic 


A 'Bush Doctrine 9 on Applying U,S. Force 


By Paul F. Horvitz 

International Herald Tribune 

WASHINGTON — A month before leaving 
office. President George Bush set forth an ex- 
pansive doctrine for US. involvement abroad 
Tuesday that places issues of morality on the 
same plane with promoting democracy and free 
markets. 

Mr. Bush made the case as strongly as he had 
ever done during his presidency that US. lead- 
ership was crucial to world order and that a 
secure and democratic world was, in turn, cru- 
cial to US. security and economic growth. 

The president, in a speech at Texas A & M 
University, where his presidential library will 
be built, also made the case more strongly than 
he had ever done that questions of morality and 
conscience should play -a central role in the 
exercise of US. foreign policy. 


With thousands of US. troops massing in 
Somalia on an humanitarian wii«ann, Mr. Bush 
declared that a failure to act to bring food to 
starving Somalis “would scar the soul of our 
nation." 

He warned Americans not to turn inward 
now that the Cold War has been woo. 

In calling for an activist US. foreign policy, 
which he has always supported, Mr. Bush set 
forth, fra- the first time, carefully prescribed 
criteria for sending U.S. forces abroad an hu- 
manitarian missions: It must be warranted, 
effective and limited in scope and time, 

“The leadership, the power and, yes, the 
conscience of the United States of America all 
are essential for a peaceful, prosperous interna- 
tional order, just as such an order is essential 
for us," Mr. Bush said. He called for the “pa- 
tient and judicious application of American 


leadership, American power and most of all, 
American moral force." 

American leadership, he said, has been “in- 
dispensable” in promoting democracy and 
opening trade. The alternative to American 
leadership, he added, “is not more security for 
Americans but less." 

“Our choice as a people is simple," the presi- 
dent said. “We can either shape our times or we 
can let the times shape us. And shape us they 
will at a price frightening to contemplate — 
morally, economically, strategically." 

He continued: “Morally, a failure to respond 
to massive human catastrophes like that in 
Somalia would scar the soul of our nation. 
There can be no single or simple set of guide- 
lines for foreign policy. We should help, but we 

See BUSH, Page 6 


'Bill Clinton Live 9 : Not Just a Talk Show 


By Thomas L. Friedman 

New. -York Timer Service 

LITTLE ROCK. Arkansas —Watching Bill 
Clinton moderate the first nationally televised 
economics talk show, Larry King sounded both 
envious and a little proprietary. 

“Bill Clinton is a natural" said Mr. King, the 
host of a talk show on CNN. “He’s just got to 
learn to move through the caB-ms faster, I fed 
personally responsible for his growth and suc- 
cess. He’s promised to appear on my show twice 
a year. Maybe I won’t even have to be there 
now. Don't forget, he’s a young man. He’ll be 
; for work in eight years, and I can see us 
to head: ‘Lany King Live’ and ‘Bill 
lion Live.' " 

Actually, the future is now. After an election 
year dominated by talk-show politics, Mr. Clin- 
ton has taken the medium one step further. TTie 
televised economic conference here was more 


than just another campaign town hall meeting 

service of something larger than the partisan 
political sound bite. His program was an ex- 
periment in political education, a president- 

The C&ntou team's dBtmtaa; poop qp the 
eceqpoQF « trim the deficit? Page 3. 

elect as seminar leader, employing not just the 
bully pulpit, but the bully blackboard. 

“I am used to teaching large classes, but this 
is ridiculous," said Robert M. Solow, a Nobel 
Prize-winning economist, as he was introduced 
by Mr. Clinton at what amounted to a national 
session of Economics 101, broadcast by the C- 
Span cable television channel and National 
Public Radio, and from time to time by CNN. 
It was impossible to imagine George Bush — 


or even Ronald Reagan — playing the same 
role of moderator, questioner and teacher as 
Mr. Clinton did. 

Seemingly off the top of his head, be dis- 
cussed variations in immunization rates for 
children in different states, and in another 
breath, the contrast between hospital costs m 
Harlem and the rest of Manhattan. 

“You watch B31 Clinton and yon thmk he 
has a teleprompter in his head and he's just 
reading from hr said Vernon E Jordan, chair- 
man of Mr. Clinton’s transition board. 

But while this conference showcased the 
president-elect's professorial talents, it is not 
clear how much the American viewing audience 
actually learned. 

At its worst, th6 discussion bounced from 
subject to subject, much like a graduate seminar 

See CLINTON, Page 6 


IBM Slashes 
Spending for 
Research in 
New Cutback 

25.000 More Jobs to Go 
In Latest Downsizing, 
Shares Take a 10 % Loss 

By Lawrence Malkin 

International Herald Tribune 

NEW YORK — IBM announced a work 
force reduction Tuesday of 25.000 people and u 
SI billion cut in research spending, a move that 
troubled President-elect Bill Clinton and sent 
(he computer maker's stock plummeting more 
than 10 percent. 

For the first time in its history, IBM warned 
that employees who do not go voluntarily may 
be laid off. 

The company said Lhe job cuts and related 
reductions in its manufacturing capacity would 
force it to reduce its fourth-quarter earnings bv 
56 billion. 

International Business Machines Corp. 
shares plunged S6.75 to close at 556.125. But 
the Dow Jones industrial index showed only a 
7.84 point loss, to 3,284.36. while the North 
America component of the International Her- 
ald Tribune World Stock Index slipped just 
039 percent to close at 97.28. (Page 16) 

IBM warned as well that it may not be able to 
maintain its hefty dividend amid unfavorable 
business and economic conditions that are ex- 
pected to continue into 1993. Last year, the 
company paid out S4.S4 a share. 

Chairman John F. Akers and IBM’s chief 
financial officer. Frank A. Metz, said at a 
conference for Wall Street analysts that declin- 
ing revenues in Europe and Japan had acceler- 
ated the continued downsizing of the world's 
largest computer company. 

IBM's work force, which stood at a high of 

344.000 at the end of 1991, had already been 
reduced by at least 32,000 as of the middle of 
this vear in an early retirement program. 

Mr. Akers would not say whether the cuts 
announced Tuesday were the final ones. But the 
man who once boasted that IBM had never 
dismissed anyone on economic grounds, in or- 
der to ensure the individual creativity that 
grows from jab security, said the company's 
moves were all part of a' “difficult transforma- 
tion in the computer industry." 

In threatening layoffs for the first time in 
IBM’s history. Mr. Akers said he expected 
managers “to make every reasonable effort" to 
reduce their head count by voluntary means. 

But hr added: “If currcni business condi- 
tions do not improve significantly, however, it 
is likely that some business units will be unable 
to maintain full employment by 1993." 

IBM's basic strategy now will be to redeploy 
its resources from its traditional concentration 
on mainframe computers and personal comput- 
ers to advising and servicing companies with its 
own computer expertise in solving business 
problems through networks and software. 

This is where the big money is now made in 
the industry. Analysts said that IBM was pay- 
ing the price or realizing this too late, like too 
many large and bureaucratic American firms. 

Only a day before. General Motors Corp„ 
the quintessential U.S. industrial giant, an- 
nounced it had agreed with the United Auto 
Workers on a sweeping set of early retirement 
incentives that would shrink its work force by 
70,000, or 13 percent, as it closes almost two 
dozen assembly and parts plants between now 
and 1995. 

The cut in R&D spending is to take place in 
mainframes, chips and allied technology spend- 
ing. Mr. Akers said mainframe revenue, esti- 
mated last year at $14 billion, would decline 
“perhaps 10 percent” tins year. 

The SI billion research cut came as disturb- 
ing news to Mr. Clinton, who has been conduct- 
ing a seminar in Little Rock, Arkansas, on the 
need for long-run investment to create jobs. 

Asked about the president-elect’s reaction, 
Mr. Akers said IBM was still a world and 
industry leader in research but felt it could do 
better by “shifting to areas for growth,” mean- 
ing services, which need less capital but also 
return less profit in lhe long run. He argued that 
the company was forging ahead with its new 
microprocessors developed with Motorola Inc. 
and also being used by Apple Computer Inc. 

This did noL convince a number of listeners, 
however, including Bony Bosak of Smith Bar- 
ney. who reminded Mr. Akers of the race for 
higher computing speeds and said IBM was 
“still missing the dement of revenue-generation 
through quantum leaps in technology." 

Mr. Akers said the newjob reductions would 
come from IBM's manufacturing and develop- 
ment. which meant dosing factories and getting 
rid of people because of slow sales, and in the 
support staff of marketing and services units, 
where IBM now is placing its bets. 

Mr. Metz said weakness in Germany had 
taken the company by surprise. Also weighing 
on the outlook were falling revenues in France 
and Britain. 

He added that markets in Asia, and espccial- 
See IBM, Page 6 


t 




if 


Scramble Begins lor Titanic Souvenirs 


By Alan Riding 

New York Times Service 

. PARIS — Seven years after the sunken hulk of the Titanic was found 
by a Frendi- American expedition off Newfoundland, France on Tues- 
day gave the owners of about 1,800 objects recovered from the wreck 
three months in which to claim their property. 

With only around a dozen of the 687 survivors of the disaster thought 
to be alive, the legal owners are most likely to be heirs either of the 1J 1 3 
people who died when the ocean liner went down on its maiden voyage 
on April 14, 191Z or of those who survived but have since died. 

Proof of ownership, however, may be difficult to establish. Only 
occasionally are items of jewelry or watches inscribed with initials or a 
name. Rarely is the name of the manufacturer apparent. Most of the 
artifacts could have belonged to anyone. 

For example, the collection includes gold and silver wrist and pocket 
watches, buttons, bracelets, bejewded necklaces, rings, tie and hair 
pins, gpld spectacles, leather goods, several hundred English coins and 
ivory combs, mirror cases ana hairbrushes. 

The French government is nonetheless required by French taw to 
invite ownership claims before it returns the objects to Titanic Ven- 
tures. the international consortium that financed the French expedition 


organized in the summer of 1987 to recover artifacts from the wreck 
found two years earlier. 

France became involved because the objects were brought here for 
safekeeping and restoration at a laboratory nm by Eectridt4 de France, 
the state-owned power utility. The restoration took two years, but plans 
to return the items to their owners war delayed by several court cases. 

A notice inviting claims was published Tuesday in newspapers in 
New York. London and France. Potential claimants can study pboto- 
5 hs of the artifacts at the French embassies in Washington and 
. as well as the Merchant Marine Secretariat in Paris. 

At a news conference Tuesday, the secretary of the merchant marine, 
Charles Jossefin, said that any person able to offer proof of ownership 
of an item would alsohaveto contribute toward thei5.5 milli on cost of 
the expedition ft he wished to repossess it 

“How much he pays will depend on the value of the object on the 
market," he said. “In maixy cases, it will be very tittle." He added that 
the collection did mot contain enormously valuable pieces because the 
expedition was only able to reach the 3d Gass section of the Titanic. 

Under its contract with the French Institute for Maritime Research 

See WRECK, Page 6 



Toriyora F. Gwjd&u/The Mend Pro, 

Secretary of State Eaglehurger Tuesday 
in Stockholm. NATO drew op plans for 


Kiosk 


U.S. Indicts Fischer Over Sanctions 


WASHINGTON (AP) — The former 
world chess champion Bobby Fischer was 
indicted Tuesday on a charge of violating 
US. economic sanctions a gains t Yugoslavia 
by playing in a $5 million match in Serbia. 

A warrant has been issued for his arrest, 
but Mr. Fischer, an American dozen, re- 


portedly has remained in Yugoslavia. Mr. 
Fischer, 49, won 53.35 million ^in the match 
against Boris Spassky, which concluded last 
month. If convicted, he faces up to 10 years 
in prison and a fine of 5250,000. He was told 
by U.S. officials in August that his partici- 
pation would violate the law. 


Omaral News 

U.S. employers are count- 
ing ways to make use of 
workers’ diversity. Page 4. 

Hanoi presses U.S. to drop 
all its sanctions. Page 5. 

A last hurrah in Beijing 
stirs a controversy in 
Washington. Page 5. 


Entertainment 

A roosmg new production 
of “Carouse!" has opened 
in London. Page 10. 

Busbies*/ Finance 

International Lease Fi- 
nance ordered $4.1 billion 
of planes. Page 15. 


Dow JonesH Trib Index 



The Dollar 

Ngw Yortt Tugs. dOM 
DM 1.5675 


pravtousdoBa 

1-5695 


Pound 


1.567 


1.5665 


Yen 


123.95 


123.65 


Crossword 


Page 24. ff 


5.3575 


55545 


i 





' Page 2 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 




Pa 


* 

i ■ 


NATO Drafts Contingency Plans for UN Bosnia Intervention world BRIEFS 


New York Times Service 

Responding to a request from the United Nations 
secretary-general, the NATO allies have begjun draw- 
ing up plans for further military action, including 
« ^enforcement of “no-fly" zones, to halt the bloodshed 

* ja Bosnia-Herzegovina, NATO officials said Tuesday. 

* I - The officials said the request by the Uniied Nations 

* -chief, Butros Butros Ghali. was debated Monday by 
. 'NATO ambassadors in Brussels who ordered their 

* jralitary staffs to prepare contingency plans that could 
J 0 -be implememed once the Security Council gives its go* 
^ ahead 

* ' The plans are to be discussed when foreign rainis- 
' ’lers of the 16-nation North Atlantic Treaty Organiza- 
' .tion gather at the alliance's Brussels headquarters on 
1 ‘Thursday and Friday for a previously scheduled 
» closed-door meeting. 

‘ * .Under NATO's coordination, allied warships are 
' already involved in a naval blockade of Serbia and 
' .Montenegro in the Adriatic aimed at enforcing a UN- 
‘ -backed trade embargo of the rump states of former 


Yugoslavia. So far. however, the embargo has not 
forced Belgrade to change its policies. 

The new focus at NATO is on the use of air power, 
first to prevent Serbian aircraft from supporting Bos- 
nian Serb ground units and then perhaps to strike at 
Bosnian Serb artillery positions pounding Sarajevo 
and other Bosnian Muslim communities. Tne Nether- 
lands has already offered to send a squadron of F-16 
fighter planes to the region. 

NATO officials said the alliance's major powers — 
the United States, France and Britain — were facing 
strong domestic pressure to act more forcefully in 
Bosnia- Herzegovina, but all three had reservations 
about how deeply they should become embroiled in 
the conflict. 

While supporting the naval blockade, the United 
States has sent no ground troops to join the UN 
peacekeeping force in former Yugoslavia. In contrast, 
France and Britain, with 5,000 and 2,000 soldiers on 
the ground, fear air strikes may bring reprisals against 
their troops. 

But the officials said that all three countries had 


nonetheless backed Mr. . Butros GhaJi’s appeal for 
further NATO assistance and were willing to study 
ways of intensifying the military pressure on Belgrade 
and Bosnian Serb mili tia units 

■ 70 Die in Fighting 

There was widespread fighting in Bosnia-Hereego 
vina on Tuesday, including air attacks in violation of 
the UN-mandated no-fly zone, on the eve of renewed 
talks between the waning parties in Geneva, accord- 
ing to reports in Sarajevo, Agence France-Presse said. 

In Sarajevo, the BHPress agency said that Yugoslav 
Army planes attacked right times and bombed three 
districts in Srebremca-Bratunac and Vlasenica in east-, 
era Bosnia, near the border with Serbia, on Monday. 

A total of 70 civilians were killed, including 18 
children. There was also shelling from long-range 
artillery based in Serbia, the agency said. 

The report could not be immediately confirmed. 

In Zagreb, the Croatian HINA news agency said 
that the northern Bosnian city of Gradacac and sever- 
al villages to the west of the city were attacked by 


Serbian shelling and that there were Serbian infantry 
movements in the area. 

HINA also reported air activity saying that Serbs 
used helicopters and trucks to bring in reinforcements 
from Bosoaski Samac and Modrica, both north of 
Gradacac 

It also reported shelling of towns in northern Bos- 
nia, in the vicinity of Brsko, 

There was infantry and artillery action around Bi- 
hac in northwest Bosnia, HINA said. 

HINA's reports were confirmed by Bosnian reports 
in Sarajevo. 

In Sarajevo, the Bosnian military command said it 
bad further advanced mi Zuc Mountain, taking the 
strategic hiD of Goto Brdo. 

Meanwhile, the leading Croatian in the seven- mem- 
ber Bosnian presidency, Franjo Boras, said that if 
Alga Izetbegovjc, a Muslim Slav, continued as presi- 
dent, there would have to be a non- Muslim foreign 
minister, according to a television report citing a 
correspondent in Mostar, in southwestern Bosnia. A 
new president is to be chosen. 


New Yeltsin Choice 
Stresses Continuity 

Prime Minister Says Trend 
Of Reforms Won ’ t Be Altered 


By Steven Erlanger 

New York Tima Semce 

MOSCOW — As Russia tried to 
understand an altered political 
- landscape Tuesday, after President 
' Boris N. Yeltsin was forced to 
abandon his acting prime minister 
and architect of his economic re- 
forms, attention turned to two men 
who emerged from the struggle 
with enhanced influence: Viktor S. 
Chernomyrdin, the relatively un- 
known new prime minister, and 
Ruslan I. Khasbulatov, the ambi- 
. tious speaker of the legislature. 

They are from the same genera- 
tion, but took very different paths 
to power, and in separate press 

■ conferences Tuesday they appealed 
for calm and consensus, but with 
radically different tones. 

Mr. Chernomyrdin, 54, was 
humble and brief. A heavy-set 
manager with little political experi- 
; ence. he seemed embarrassed by all 
! the new attention and stressed con- 
tinuity, saying that he was commit- 
ted to the reforms, which he had 
helped to draft in Mr. Gaidar's 
government, and that the “main 
trend" of the changes will be the 

• same, “with no big jumps.” 

; Speaking carefully and often us- 
[ mg cliches of Soviet socialism. Mr. 

• Chernomyrdin had few specifics to 
. offer abort policies or personnel. 

He said that auctions for the priva- 

• dzation of state companies would 
; continue, that there would be no 
. freeze on prices or wages, and that 

• he favored “a variety of forms of 
! ownership of land.” And he urged 

■ members of the government closely 
; associated with Mr. Gaidar, who 
! are considering a mass resignation, 

■ “to continue to work calmly” 

] But Mr. Chernomyrdin stressed 
. that there would be different prior- 
ities for the government, with a 
! concentration on restimulating in- 

■ d us trial production, and be repeat- 
; ed his view that “an economy of 
! shopkeepers" could not bring Rus- 
sia out of its crisis. 

“Nothing is possible without 
‘ heavy industry," he said. 

His comments implied a signify 
, cant slowing of any real structural 
change in the Russian economy, 
■which is widely regarded in the 
West as overly dominated by ineffi- 

■ dent, huge industries that produce 


little of world standard at a great 
cost in raw materials and energy, 
and that employ far too many peo- 
ple to be profitable. 

Mr. Khasbulatov, 50, a former 
professor who was unknown before 
being elected to tbe Russian legisla- 
ture in 1990 as an ardent Yelismiie, 
also talks about the revival of in- 
dustrial production as the crudal 
task for Russia. But his main inter- 
est is political and he has worked 
to strengthen the legislature's pow- 
er, and his own, at the expense of 
Mr. Yeltsin and his government. 

Mr. Khasbulatov has a good 
knowledge of parliamentary proce- 
dure, which be uses with both hu- 
mor and cynicism, ramming 
through voies and cutting off 
speakers. He also knows tbe legisla- 
tors* appetites, and through a care- 
ful management of perquisites 
within his control — like commit- 
tee appointments, Moscow apart- 
ments and cars — be has built a 
constituency and power base that is 
particularly strong in the smaller 
standing parliament, or Supreme 
Soviet 

Mr. Yeltsin himself has admitted 
that he neglected to work the legis- 
lative committees and corridors 
well enough, failing to hold togeth- 
er even his previous constituency of 
liberal pro-Wes tern, market-ori- 
ented legislators, who were always 
a minority in the Congress of Peo- 
ple's Deputies elected in 1990, 
when the Communist Party, 
though weakening, still held sway. 

On Tuesday, Mr. Khasbulatov 
was loquacious and even smug as 
he praised tbe work of the Con- 
gress, “which for ail its weaknesses, 
was a buttress of democratic devel- 
opment.” 

Widely viewed as seeking Mr. 
Gaidar's scalp, Mr. Khasbulatov 
damned him with faint praise, say- 
ing be was “a very nice and capable 
specialist” whose idea of economic 
reform was “price liberalization at 
any cost” 

Mr. Chernomyrdin, Mr. Khas- 
bulatov said, “has an exceptionally 
complicated task because it is nec- 
essary to sort out that chaos, the 
countless number of mistake^ the 
huge number of wrong decisions 
that created artificial difficulties 
for the previous government.” 



erence 


Conf 
Passes On 
Bosnian 
Arms Issue 


As Honecker’s liver Cancer Spreads, 
His Lawyer Predicts He’ll Be Freed 

BERLIN (WP) — The former East German leader. Erich Honecker. 
has a liver tumor that will kill him by spring, a court-appointed physician 
said Tuesday, leading Mr. Honecker's lawyer to predict that his diem will 
go free by Christmas. 

The health problems of the 80-year-dd Communist hard-liner, who 
faces manslaughter charges stemming from tbe killing of more than 200 
East Germans who tried to escape to the west over the Berlin Wall have 
already slowed Mr. Honecker’s trial. 

But now a cancer specialist. Dr. JOrg Kirsthdier, has concluded that 
Mr. Honecker has three to six months to live; and that he will be unable io 
take part in his trial as early as next month. The physician said the livo 
tumor, measuring 11 cen time ters wide, or four inches, is growing quickly. 
He added that radiation therapy could extend Mr. Honecker’s life by a 
few months. But Mr. Honecker has refused the treatment. 

The trial which began Nov. 12, was expected to last at least two years, 
as prosecutors lay out details of East German government decisions that 
led to the building of the Berlin Wall and tbe establishment of sboot-to- 
kill orders for border guards. 

Salvadorans Celebrate War’s End 

SAN SALVADOR (Reuters) — El Salvador's government and leftist 
guerrilla leaders celebrated tbe end of a 12-year civil war on Tuesday, 
pledging to leave behind the hatreds that killed 75,000 people and tore 
their society apart. 

“The armed conflict in El Salvador has oome to an end.” said the UN 
secretary-general Butros Butros Ghali. at an emotional ceremony attend- 
ed by government, rebel and nrihLary chiefs, as well as Vice President Dan 
Quayle and Central American beads of state. Thousands of civilians 
waved national flags. 

The rebel Farabundo Marti National Liberation Front demobilized 
the last of its 8,000 guerrilla combatants on Monday, putting an end to 
two decades of armed struggle. In return, the government has legalized 
the front as a political party. It has also pushed through political changes 
and military cuts, begun extensive land transfers and dissolved paramili- 
tary security forces and army battalions blamed for massive human rights 
abuses. A purge of dozens of armed forces officers implicated in human 
rights atrocities is to be carried out this month. 


By Craig R. Whitney 

New York 77 mo Service 

STOCKHOLM — Foreign min- 
isters at the Conference on Security 

New Delhi Imposes Rule in 3 States 


Serbian brutality and violence 
against Bosma-Herzegovina, but 
left to other international bodies 
tbe consderation of stronger mea- 
sures to try to halt tbe war. 

Tbe ministers of the 51 -nation 
conference called for havens for 
refugees in tbe Balkans, supported 
possible United Nations measures 
to authorize military enforcement 
of the “no-fly” zone over Bosnia, 
and backed UN and U.S. caffs to 
prosecute war crimes in the farmer 
Yugoslav republic. 


NEW DELHI (NYT) — Moving to smash Hindu fundamentalist 
political power, the Indian government dismissed the governments in 
three northern states on Tuesday night. A fourth government was 
removed from power Dec. 5 after a mob of Hindu fundamentalists razed 
a 16th-century mosque in tbe holy town of Ayodhya. 

The dismissal of the three state governments in Madhya Pradesh. 
Rajasthan and Himachal Pradesh, and the imposition of rule from New 
Delhi is certain to push the country into more political turmoil after a 
week of sectarian noting that has left more than 1,200 people dead. 

Tbe action came as In dian police conducted sweeps around tbe 
country, arresting members of Hindu and Muslim sectarian organiza- 
tions as part of government effort to restore order. Six days ago. Prime 
Minister P. V. Naraamha Ruo declared illegal five sectarian groups, three 
of them Hindu fundamentalist and two Muslim. 


But after arguing far most of the 

SISXSSSSiSA Michigan Doctor Helps 2 More to Die 


■■■V. \.v. 

Chancellor Helmut Kohl of Germany escorting officers at a ceremony at the tomb of the 

soldier in Moscow on Tuesday. Mr. Kohl and President Boris N. Yeltsin negotiated to speed 
withdrawal of Russian troops from Germany in exchange for a moratorium on part of Russia’s debt 


Major Wary on Force Against Serbs 


By William Schmidt 

New York Tima Service 

LONDON — Despite growing 
pressure on Britain and its allies to 
step up military pressure in Bosnia- 
Herzegovina, Prime Minister John 
Major urged caution on Tuesday, 
warning that such action might en- 
danger British troops now on tbe 


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urging him to endorse raare aggres- 
sive military intervention in Bosnia 
in order to protect Muslim popula- 
tions there from Serbian hara-linr 
ers. 

Tbe sharpening debate has come 
as Mr. Major is preparing to travel 
to tbe United States, where he is 
scheduled to discuss tbe situation 
in Bosnia with President George 
Bush. 

The leader of the opposition La- 
bor Party, John Smith, has called 
tivity must be weighed “against the for ^“tive international action" 
possible impartoffi ontoeUnii- to as “ap- 

edNations humanitarian effort pacing suffering m the region, 
and on tbe safety of our own 
troops.” 

He cautioned that in the end, the 


ground helping to deliver food and 
relief supplies. 

Mr. Major, appearing before the 
House of Commons, said Britain 
was discussing with its allies the 
possibility of using combat aircraft 
to shoot down any airplanes violat- 
ing an air exclusion: zone imposed 
earlier this fall by the United Na- 
tions. The UN resolution barred all 
military flights over Bosnia. 

But Mr. Major said that any es- 
calation in the level of military ac- 


AUBURN HILLS, Michigan (AP) — Dr. Jack Kevorkian helped two 
women kill themselves on Tuesday — the same women who had appeared 
with him earlier this month to argue publicly for his right to do so, his 
attorney said. 

Marguerite Tate, about 60. and Marcella Lawrence, 67, from Mount 
Clemens, died at Mrs. Tate's home in tins Detroit suburb, said the The 
action came as a bill to outlaw assisted suicide in Michigan awaited 
Governor John Eaglet's signature. 

The two bring to eight the number of women that Dr. Kevorkian has 
helped to die since 1990. Dr. Kevorkian has battled legal officials and 
waged a public cam p a ig n to win approval erf “mediade,” in which 
doctors can help the terminally 01 commit strickle. An investigator with 
the Oakland County medical examiner’s office said the office was 
notified that two women had died by inhaling carbon monoxide gas. 


TRAVEL UPDATE 

9 EC Countries Ease Border Checks 

MADRID (Reuters) — Nine European Community countries an- 
nounced approval Tuesday of a passport sticker allowing them to abolish 
border controls for thrir own nationals and most other visitors. 

The move means (hat travelers from most countries with a visa to visit 
any one of the nine so-called Schengen group states will be able to enter 
the others without checks, said Carlos Westendoip, Spain's secretary of 
state for the EC Nationals from tbe nine countries mil also be able to 
move freely through one another’s territories with tbe bofograramed 
label 

The Schengen treaty, named after the village bordering Luxembourg, 
France and Germany, was originally to take effect at the beginning of 
1992- It has been delayed and has grown from the original five signatories 
to include all EC states except Britain, Denmark and Ireland 


pie of Bosnia.” Britain has al 
1400 troops in Bosnia, where they 
are on duty under UN command, 
escorting relief convoys. 

The prime minister was speaking 
in response to growing pressure 


Members of Mr. Major’s own 
Conservative Party have also been 
taking a more hawkish line. Patrick 
Connack, a member of Parliament, 
was one of several Conservative 
legislators who said they believed 
Britain needed to do more militari- 
ly- 

“Unless firmer action is taken 
during the next three or four weeks, 
we could be moving toward a Euro- 


from Britain's allies, as weff as op- pean Armageddon.” Mr. Connack 
position political leaders in Britain, said 


German Party Backs Accord 
To Tighten Laws on Asylum 


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Reuters 

BONN — The opposition Social 
Democratic Party on Tuesday ap- 
proved tbe government’s compro- 
mise accord to curb an influx of 
foreigners who have become tar- 
gets of neo-Nazi violence. 

The Social Democratic pariia- 
meaiary group voted, 101 to 64, 
with five abstentions to approve 
the agreement with the government 
of Chancellor Helmut Kohl paving 
the way for Germany’s liberal asy- 
lum law to be tightened 

The deal had been thrown into 
doubt by calls from Social Demo- 
cratic members linking amend- 
ments to Germany’s asylum law to 
companion treaties with Poland 
and Czechoslovakia. 

The treaties would enable Ger- 
many to return to Poland and 
Czechoslovakia, rather than to 
their homelands, asylum-seekers 
who had entered Germany via 


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those countries and who were re- 
fused the right to stay in Germany. 

In the vote, tbe mainstream view 
prevailed that no formal link be- 
tween the asylum law and the trea- 
ties should tie made. 

Once the changes are adopted, 
virtually no foreigner arriving in 
Germany from surrounding “safe 
third countries” — 90 percent of 
the more than 405,000 arrivals tins 
year — would be eligible to claim 
asylum. 

Meanwhile, the government said 
Tuesday that it had ordered an in- 
vestigation into the far- right Re- 
publican Party as a possible anti- 
democratic group. 

The party, led by Franz Schdn- 
huber, a former officer of Hitler’s 
Waffen SS, is the largest of dozens 
of far-zight parties in Germany. 

Interior Minister Rudolf Seilers 
said tbe Republicans were under 
observation by the Office for the 
Protection of the Constitution be- 
cause there was reason to believe' 
they could be “striving against the 
free democratic order.” 

The investigation is a first step 
toward a posable ban on the party. 

In East Berlin, suspected neo- 
Nazis painted swastikas and anti- 
Semitic slogans at tbe giavesite of 
Wallhex Rathenau, the Jewish for- 
eign minister of Germany who was . 
assassinated by rightists in 1922, 
the police said Tuesday. 


edge calls to let the largely Muslim 
republic receive arms to defend it- 
self, or make such a call themsdves, 
as demanded by the Bosnian repre- 
sentatives, the ministers decided to 
ask the United Nations to think 
about whether to lift the arms em- 
bargo against Bo snia. 

“We would be against anything 
which soured more weapons into a 
part of Europe which is already full 
of weapons/ said Foreign Secre- 
tary Douglas Hard of Britain. His 
country is also skeptical about 
moves supported by the United 
States and France to authorize the 
United Nations to keep Serbian 
troop-carrying helicopters and air- 
planes out of the dries over Bosnia, 
using force if necessary. 

The fighting in the Balkans will 
also be considered by a separate 
international conference, metuding 
representatives of Muslim coun- 
tries, in Geneva on Wednesday and 
by foreign ministers of the North 
Atlantic Treaty Organization in 
Brussels on Thursday. 

The European security confer- 
ence, which makes all decisions by 
consensus, also tried during the 
two-day meeting to find ways to 
prevent ethnic conflicts elsewhere 
m Europe from getting as far out of 
control as they have in the Balkans. 

Tbe ministers agreed to “oounier 
the growing manifestations of rac- 
ism, anti-Semitism and all forms of 
intolerance” throughout Europe. 

They also set up a voluntary tri- 
bunal on peaceful settlement of 
disputes, though neither the United 
Suites nor Bn tain agned (he en- 
abling document The ministers 
agreed to set up a permanent mis- 
sion to monitor tensions between 
Russians and Estonians in Esto nia, 
and named a Dutch statesman. 

Max van der Stod, as the confer- 
ence’s high commissioner on na- 
tional minorities. 

But they imposed Emits on his 
role, as wdL “If a situation gets out 
of hand and into an acute conflici, 
then there is no role for the com- 
missioner," Mr. van dec Stod said, 
explaining his mandate 
The conference also decided Lhat 
it needed a secretary-general to co- 
ordinate peacekeeping and fact- 
finding missions m the fonneiiy 
Communist countries of Europe. 

Germany nominated its special 
representative to the conference, 
wQbdm HOynck. 

But the underlying Issue here 
was the helplessness of European 
security institutions to deal with 
tbe new world disorder. 

Tbe impotence has not been lim- 
ited to the Balkans. The foreign 
ministers of Azerbaijan and Arme- 
nia met here, for instance, but 
failed to agree ou a negotiated set- 
tlement to renewed fighting along 
their border. 

“The fighting changed the nego- 
tiating process here, and all the 

agreements reached beforehand ,, , , . — „ — "U" "Will ouwov UU 

faited/ 1 said the Armenian foreign La Nice, about 100 employees occupied the 

minister, Arman Kirakosaan. fflrport tarmac to prevent the takeoff of a Paris-bound flight belonging to 

Air-Inter, Air France’s domestic affiliate. Tafpi 



footloose AND TBANSrr-nfflE^A 

seogCT on a deserted platform at the Gare de Lyon in Paris on 
lnesday. Services across France, as weB as suburban services in 
layor ahes, were heavily disrupted by a raff workers’ strike. Die 
stowage was caDed to protest the jaffing of a train driver fomd 
gflilty of negEgence in a 1988 accident in wUch 56 passengers died. 

More than L5 ndfion Spanish civil savants began a 24-hour nation- 
wide strike Tuesday to protest a proposed wage freeze, in the second 
massive waucout in less than a month, a union spokeswoman said. The 
stoppage affected ministries, city councils, hospitals, postal services and 
schools. {AP) 

A 24-hour strim by Air France flight and ground am Tuesday 
disniptoi medium-haul flights, but long-range flights went ahead on 


On Bosnia, the conference 
agreed that the issue of exem p tin g 
the republic from toe arms embar- 
go against the forma’ Yugoslavia 
“should continue to be considered 
as a matter of importance in the 
United Nations Security CoundL" 

Agreement 'on even this much 
was held up for several hours, ac- 
cording to some diplomats, be- 
cause tne Russian foreign minister, 
Andrei V. Kozyrev, could not reach 
President Boris N. Yeltsin. 

Nevertheless, the. Bosnian for- 
eign minister, Haris Sffajdzic, who 
had insisted on keeping the issue 
under consideration, made the. 
most of tbe consensus. “This is a 
stro forward," he said. 

The conference agreed to consult 
with the UN about now to Uy Indi- 
viduals on war crimes charges in 
the Balkans, a suggestion made 
here Monday by the UJL secretary 
of state, Lawrence S. Eagtebttrger. 




_ (AFP) 

Kiwi International Airfares w9 offer pwiryngm a chanra* iq huv 
one-way fares for tire price of five on its flights linking Newait^slcw 
Jmey. Atlanta, Orlando, Florida, and Chicago. The pack erf tickets costs 
5590. (Ap) 


Earlier Warning of Breast Cancer 


Reuters 


cancan, according to a report released Tuesday. 


current issue i 


ward off 


The tat looks only atihe stale of a gene thought to heh> wi 
cancer. But researchers hope toe systemam beused 
“Wecan now imaginea time ^^enriSt^Styte ^ 
screen large numbers of people to see 
genetic susceptibilities to develop cancer " Dr 
mastalemem. released -by toehos^taL 5tephc0 Fnend 


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+ POLITICAL \OTE$+ 


Th«lrMK*9ur»IPar»dolo Marchtoa HowBaat 

WASHINGTON —In what probably will go down in the record 
books as the most unusual mix of inaugural participants, Bill 
Gin ion's parade and pre-parade entertainment on Jan. 20 will 
feature a precision lawn chair matching team, a reggae band and two 
Elvis Presley impersonators — stand-ms for the young “King" and 
tire old, tubby one. 

The Presidential inaugural Committee, in announcing the lineup 
for the day’s inaugural celebration, said the parade and other 
festivities would have the traditional marching bands, military 
squadrons and equestrian units but would include a wider variety of 
performers and participant^ than before. ... 

The inaugural planners have invited the Lesbian and Gay Band of 
America; the Sounds of Silence, a group of hearing-impaired young 
adults who use sign language to communicate lyrics from live music; 
a contingent of former Peace Corps volunteers; residents from . 
McCtossan Boys Ranch, a home for wayward boys; and a high 
school band from Homestead, Florida, whose school was destroyed 
in (he hurricane there last August. 

Mr. CHn ton's official inaugural slogan is “An American Reunion 
— New Beginnings, Renewed Hope.* (WP) 

Clinton Showing Caution In Filling Trada Port 

WASHINGTON — Glaring in its absence from last week’s 
naming of Bff! Groton's economic policy team was a candidate for 
the critical job of U.S. unde representative. Mr. Clinton apparently 
is having trouble deciding not only whom be wants to fill the post, 
but also what be wants to do about two key trade negotiations that 
are dose to completion : the North American Free Trade Agreement 
and the 108-naaon Uruguay Round of GATT mI1«- 

Mr, din ton's choice for tiade representative will be a signal of 
whae he intends to go with these talks. It also will signify much 
about bow be intends to approach the question of the UiL economic 
relationship with Japan. 

A blade woman physician, meanwhile, said that Mi. Clinton had 
asked her to be the senior U.S. public health official. “I told him IU 
take it," said Jqycdyn Elders, the director of the Arkansas Depart- 
ment of Health, in accepting the offer to become U-S. surgeon 
general. She noted, however, that the present surgeon general. Dr. 
Antonia G Novell o. had 18 months remaining in her four-year term. 
She said she did not know if Mr. Clinton would ask for Dr. Novello's 
resignation. (LAT. Reuters 1 


Limits on Increases In Drug Prices Planned 


WASHINGTON — Bill Clinton's transition team has put the 
drug industry on notice that he intends to limit increases in prescrip- 
tion drug prices as part of any plan to revamp the U-S. health care 
system. 

Aides to Mr. Clinton met recently with drugcompany executives, 
described his ideas and invited their reaction. Details of the meeting 
were provided on Monday by Clin ton aides and company execu- 
tives. 

One of Mr. Clinton’s ideas is to male* prescription drugs available 
to all Americans as part of a standard package of health benefits, 
which employers must proride to employees. Another idea, pan of 
the same plan, is to set guidelines for drug prices in an effort to 
ensure that they do noL rise faster than other consumer prices. (NYT) 


Quote /Unquote 


George Step han opoulos, the Clinton transition communications 
director, on the economic conference in Little Rock, Arkansas: 
“Now is the winter of oar content.'’ 


Away From Politics 


• Riot poficemen arrested 60 peoirie in los Angeles after demonstra- 
tors threw rocks and bottles and looted a gas station at an intersec- 
tion where riots began in April. The police said one man was killed 
while trying to protect his store from looters and 12 people were 
slightly injured during the disturbance. 

• A ware of attacks on Jews in New York City has prompted Jewish 
groups to call for more measures to end the violence. In four separate 
moderns, a Hasidic man, 62, was stabbed in the stomach; three 
youths, all 18, were attacked while anti- Jewish remarks were yelled 
out; a woman ordered her dog to attack a man, 33, and anti-Semitic 
graffiti was found in a housing complex. 

• Thousands of houses damaged in the hurricane that hit southern 
Florida in August were poorly designed, badly built and inadequate- 
ly inspected, a Dade County grand jury said in a report on what it 
termed shoddy practices that contributed significantly to the coun- 
try’s most costly natural disaster. 

• The Supreme Court has agreed to decide whether the constitution 
permits states to increase sentences for crimes like assault or vandal- 
ism if the victim was selected because or race, religion, ancestry or 
the like. Six months ago, the court ruled that states may not 
designate particular expressions of bias as crimes. 

• A man was sentenced to a maximum 10 years in prison under a new 
Lo uisian a low for failing to warn a woman with whom he had sexual 
intercourse that he was infected with the virus that causes AIDS. 
Salvatore GambereUa. 28, was the first person to be convicted under 
the law. 

• The former head of the “Flying Dragons," one of the largest gangs 
of extortionists and drug traffickers inNew York’s Chinatown, faces 
"a - maximum sentence of life in prison for smuggling more than 400 
perands (180 kilograms) of top-quality heroin into New York. John- 
ny Eng, 36, was convicted of importing the heroin from January 1 987 
to September 1988. 

■ An aBeged Irish natfenatist guerrilla, wbo escaped from a prison in 
Northern Ireland in 1983, turned himself in to U.S. marshals in San 
Francisco after a U.S. Appeals Court had revoked his SI J million 
ball and ordered Mm back into custody. Britain is seeking the 
extradition of the suspect, James Smyth. 38. who it alleges is a 
member of the Irish Republican Army. 

• A student armed with an assart rifle killed a teacher and a fellow 

student and wounded four people at Simon’s Rode College, an 
exclusive school for the gifted, in Great Barrington, Massachusetts, 
the authorities said. The Berkshire County district attorney said that 
Wayne Lo, 18, a second-year student from Billings, Montana, was 
arrested. AP. Reurm, WP. NYT, AFP 


\ : ... 


Page 3 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 ra '§ 


RUNAWAY ..MEDICAL COSTS 

Clinton Team Dilemma: Pump Up Economy or Trim Deficit? 


By Lawrence Malkin 

- ' International Herald Tribune 

NEW YORK — By their ques- 
tions and remarks at Bill Clinton's 
economic teach-in, the new admin- 
istration's economic team on Tues- 
day disclosed its principal short- 
term preoccupations: the dilemma 
between stimulating the economy 
and cutting the budget deficit, ana 
how to dal with the worldwide 
economic downturn. 

The presidem-dcct started the 
second and final day of televised 
economic discussions in Little 
Rock by noting IBM's latest down- 
sizing announcement and com- 
menting, “Product development 
will be cut by $1 billion— the exact 
thing we don't want to be cutting.” 

Two leading economists, Allen 
Snai of the Boston Company and a 
Nobel laureate, James Tobin of 
Yale, urged a short-term economic 
stimulus as one way of increasing 
jobs, tax revenue, and growth' that 
would provide a basis for an iron- 
clad deficit-cut ting plan. 

Mr. Clinton made it clear that he 
had not made up his mind whether 
to propose a snort-term stimulus 
plan now that the economy was 
recovering slowly. He said it would 
be “a very tough call" because it 
might divert resources from long- 
term investment and warned Ms 
advisers, sitting around the table 
with him, not to get “fixated" on 
the questions that involve billions 
more dollars “and are already out 
there" — in particular spiraling 
medical costs. 

“If you don't get growth," he 
said, “I don't care what our budget 
plan says, the deficit will be bigger 
than we estimate because the reve- 
nues won’t crane in to support the 


new package.” He added: “I don't 
mean we shouldn’t do the stimulus. 
'I haven't made the decision yet 
about bow much and what." 

' He also warned that investment 
must be increased to make up for 
the shortfall of the 1980s — and 
that recession in Europe and Japan 
win cut UJ>. exports, which “allies 
again for a big increase in domestic 
.investment to increase income and 
growth here." 

Leon -E. Panetla. the designated 
budget director, Senator Lloyd 
Bentsen, designated treasury secre- 
tary, and Robert B. Reich, desig- 
nated labor secretary, all ques- 
tioned the economic pane! on how 
modi and how long any stimulus 
should lasL 

Mr. Bemsen, repeating a theme 
he began developing Monday in 
response to academic suggestions 
of increased international coordi- 
nation, said the United States had. 
to “resnvigorate the Group of Sev- 
en to try to work out a monetary 
policy , that wHL avoid recession in 
Europe and this country." 

Mr. Clinton revealed his aware- 
ness of the problem in the folksy ' 
language he often prefers. After lis- 
tening to three distinguish ed aca- 
demics offer gloomy outlooks for 
the world economy in the short 
term, the present political and 
monetary disarray in Western Eu- 
rope, and the prospects for eco- 
nomic reform in Eastern Europe, 
Mr. Clinton said: 

“If we don't devote sufficient 
time to all these issues, when the 
wheel runs off the road we may be 
consumed with these matters so 
that we can't do anything we were 
elected to da” 

They also engaged in some 
thinking out loud about the dollar. 




llrtti Sojd-.ot \pihr Ftikf F>t" ■■ 

President-elect Clinton listening Tuesday to Erskme Bowles, a banker, on the second day of the economics conference in Little Rock. 


with businessmen and Mr. Clinton 
recalling the high-interest, strong- 
dollar policy of the first half or the 
1980s, which Mr. Clinton blamed 
on the Reagan administration’s 
need to finance the government's 
deficit at the cost of damaging for- 
eign markets for American export- 
ers. He said that made the idea of a 
cheap dollar as an aid to exporters 
on attractive but not permanent 
policy option. 

Statements by labor and man- 


agement representatives were less 
even-handed. Union leaders com- 
plained that their members had 
suffered in global reconstruction of 
industry, while several business 
spokesmen spoke up for their own 
industries — the head of Lockheed 
for “a level playing field" against 
the European Airbus, which be at- 
tacked for its subsidies; a cable 
television entrepreneur for easier 
entry into Continental Europe, and 
the spokesman for a toy company 


for con untied tariff preferences for 
its Chinese suppliers. 

■ Health Care a Priority 

■* 

Mr. Clinton also said Tuesday 
that his administration could not 
seriously attack the federal budget 
deficit or make much progress in 
reviving the economy without get- 
ting health care costs under con- 
trol The Associated Press reported. 

Mr. Clinton, repeatedly pound- 
ing his fist on the table. ’said that 


the amounts or stimulus being dis- 
cussed were small in comparison to 
the enormity or other problems 
such os rising health care costs. , 

“We are kidding each other.*’ he 
said. “We are all just sitting hejc 
making this up if we think we can 
fiddle arouna with entitlements 
and ail this other stuff and gel con- 
trol of this budget if we don’t, do 
something on health care. 

“It is a joke. It is going to bank- 
rupt the country." . • 




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Page 4 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16 , 1992 



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AMERICAN 

TOPICS 


• Simplicity: An automobile 
engine has lots of moving parts; a 
jet engine, only one, the turbine, 
a Safety: Commercial air safe- 


Short Takes 


ty. unlike ticket pricing, remains 
firmly regulated. 


For Safety’s Sake, 

Go by Plane, Not Car 

It is far safer to fly in an airlin- 
er several miles up in the sky than 
to drive an automobile. In the 
United States last year, 41,150 
people were killed in automobile 
accidents; only 49 died in major 
commercial airline accidents. 
Why are airliners so much safer? 
For several reasons, according to 
the “Why Things Are" column of 
The Washington Post: ' 


(Irmly regulated. 
• Competence 


• Competence: Airline pilots 
must be highly qualified; almost 


anybody can get a driver's li- 
cense. 

• Redundancies: Airliners 
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can fly on just one. There is a 
backup hydraulic system to con- 
trol wing flaps and landing gear. 

• Economics: “There’s a basic 
capitalist imperative to make fly- 
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lit a kner to Ann Landers, the 
advice columnist. "Baffled in Los 
Angeles" writes that during the 
riots in that city in April, “we got 
carried away with all the excite- 
ment." “One guy suggested that 
we join the rest of the crowd and 
loot a Korean dry cleaners." he 
wrote. “1 saw this great leather 
coat hanging about two yards 
from me. I went to grab it and at 
the verv same moment. ‘Wanda’ 
reached for it too." He let her 
keep the coat if she would have 
dinner with him. "We hit it off 
right away" and plan to be mar- 
ried. The question: Neither has a 
criminal record, but how to tell 
friends and relations how they 


met? Miss Landers replies. "You 
say you have no criminal record? 


You should. As for your question, 
sorry. paL I'm fresh out of cover 


sorry, pal, I'm fresh out of cover 
stories." 


More American men are willing 
to be “bousehasbands” now than 


eight years ago, but only 1 per- 
cent actually stay at home while 


cent actually stay at home while 
their wives earn the family in- 
come. That is about the same per- 
centage as in 1984. A survey con- 
ducted by the Roper 
Organization for Playboy maga- 
zine showed 24 percent of respon- 
dents said they were “perfectly 
willing" to be bousehusbands, up 
from 13 percent in a 1984 poll 


Arthur Higbee 


Diversity? Employers Count the Ways 


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New York Tima Service 

NEW YORK — From the palm-fringed Bur- 


ger King headquarters in Miami to the Towers 
Perrin offices on Park Avenue in Manhattan, 


s on Park Avenue in Manhattan, 
ile managers and employees are 


games to real-hfe case studies to learn how to 
turn employee diversity to advantage. 

The games and case studies are the brainchil- 
dren of consultants — anthropologists and psy- 
chologists, as well as MBAs. Such consultants 
are increasingly being hired by US. employers 
who need help managing a diverse work force, 
in which members of minority groups, immi- 
grants and women now hold more than half the 
jobs. 

Managing diversity, or multicuUuralisn, has 
been defined as a desire to recognize, respect 
and capitalize on different strands and back- 
grounds in American society, such as race, 
ethnic origin and sex. 

Over the years, the definition has been 
broadened to incorporate age, sexual orienta- 
tion. physical disabilities and socioeconomic 
background. 


want to do good, others because they see it as a 
lucrative business.” 

Ms. Thiedennan said she receives three or 
four queries a day from people seeking to get 
into the business. Many of these requests, she 
added, come from people with little training in 
workplace diversity, including former Peace 
Corps volunteers and spouses of corporate ex- 
ecutives who have worked overseas. 

And, she went on, some of those touting 
themselves as expats on managing diversity are 
minimally qualified to advise a company on the 
subtleties of issues involving race and sexual 
orientation in the workplace. 

Of equal concern to some experts is the 
unsettling reality that some companies are hir- 
ing diversity consultants merely as window 


dressing. Reducing the effort to pure public 
relations, they argue, subverts the whole idea of 


Only a few years ago, the idea of diversity in 
the workplace was bang dismissed by employ- 
ers as an amorphous theory with little or no 


ers as an amorphous theory with little or no 
relevance to production and profit. Many em- 
ployers believed that changing the corporate 
status quo would alienate their predominantly 
white, male work force. 

Today, more and more employers view diver- 
sity as good business as well as good public 
relations. The executives who set aside compa- 
ny time — and money — to cultivate diversity, 
hope the results will be fewer costly discrimina- 
tion suits and a more tolerant, innovative work- 
place. 

What’s more, dealing with diversity, one of 
the most popular management concepts of the 
1990s, is also becoming a muftimOboin-doUar 
business. 


relations, they argue, subverts the whole idea of 
diversity. 

In 1987, the Hudson Institute produced 
“Workforce 2000,” a study on work and work- 
ers for the 21 st century that is credited by 
advocates of workplace diversity with giving ah 
important impetus to the turnaround in the 
industry. 

The study, which was done for the U.S. 
Labor Department, concluded that the overall 
work force would increase to 150.7 million in 
2005, op from 124.7 milli on in 1990. Of the 26 
million new workers, 85 percent would be mem- 
bers of minority groups, women and immi- 
grants. 

As one indication of the demand for special- 
ists in managing diversity, Diversity Consul- 
tants Inc. of Atlanta, one of the nation's leading 
authorities on the subject, has seen its revenues 
double since 1989. 

hi February, Towers P errin , an international 
consulting firm, acquired Diversity Consul- 
tants. Founded in 1984 by Dr. R. Roosevelt 
Thomas Jr., Diversity Consultants has already 
trained several dozen Towers Perrin employees 
in diversity planning and strategy. 

In the 1960s and 70s many corporations 


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“In the next two to five years, diversity might 
very well be a billion-doHar industry," said Dr. 
Ron Brown, the president of Banks Brown and 


a San Francisco consultant whose firm special- 
izes in fostering and managing diversity in the 
workplace. 

But Sondra Thiedennan, a consultant from 
San Diego, said, “Some are in it bemuse they 


professionals in h uman resources to find, hire 
and promote blades and women in fields that 
had prcviowly been closed to them. 

But then many companies failed to deal with 
the Internal problems that arose after these 
hirings. 

While programs dealing with diversity incor- 
porate the traditional approaches, consultants 


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also try to help a company and its employees 
adjust psychologically ana emotionally to' the 
changing work force. 

Consultants agree, however, that they can 
only do so much to overcome years of ingrained 
organizational behavior and established man- 
agement patterns. 

Many consultants first conduct what they 
call a “corporate audit." They interview groups 
of employees about the company’s corporate 
culture: the ways employees are selected, as- 
signed jobs and promoted: whether extrover- 
sion is valued over introversion, and whether 
employees’ ideas are routinely sought. 

Managers are asked to review the informa- 
tion to identify perceived or real obstacles to 
advancement 

Besides these audits, consultants have man- 
agers and employees take personality tests like 
the MyervBriggs Test which helps determine 
how certain personality traits lead to race or sex 
stereotypes. 

Nancy Hutchens, an anthropologist who has 
conducted many diversity wonuhqps with Dr. 
Benjamin Reese, a clinical psychologist, said: 
“People tend to react to each other based on 
race and gender without realizing that what 
they were responding to was personality char- 
acteristics.” 

Trainers can also do fine tuning with specific 
employee problems. In one instance, Ms. Thie- 
dennan was able to convince a white male 
manager that an Asian employee's reluctance to 
give an oral presentation was motivated by 
cultural differences, not caused by a profession- 
al inadequacy. 

Ms. Thiedennan suggested that the manager 
team the Asian woman with a colleague and 
have them present the project as a team. The 
manager agreed and, in Ms. Thiedennan’s 
word, the Asian employee was “eloquent." 

Diversity programs appear to be having an 
effect On toe advice of Dr. Thomas, Avon 
Products, for example, capitalized on its diver- 
sity. It gave black and Hispanic managers sub- 
stantial authority over its unprofitable inner- 
city markets. The result: These markets are now 
among Avon's strongest performers. 

But more than a handful of blacks, Hispanic 
people and women express doubts about 
whether employers are sincere in their efforts to 
understand diversity. These skeptics say that 
most employers have training in diversity 
awareness but stop short of making extensive 
systemic changes. 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


/ 1 


Hanoi Presses U.S. 
To Drop Sanctions 


ConpUedbf Otr Staff From Dtspotdm 

HANOI — Vietnamese officials 
have welcomed a UK decision to 
ease iu embargo by allowing 
Am e ric an companies to set up of- 
fices in Vietnam, but they urged 
Washington on Tuesday to flft 
sanctions and normalize ties with 
Hanoi. 

, “We welcome the news and it is 
an encouraging gesture, bat the 
UK side must go further,” said Ho 
Xuan Dich, bead of a Vietnamese 
Foreign Ministry office hfjpmg 
UiL experts resolve the fate of 


for criticizing foreigners* work 
habits, saying he had been 


According to Kyodo news 
agency, he told reporters on 
Monday: “Foreigners do not 
work. That is why they are 
economically being left far be- 
hind Japan and Germany.” 

At a news conference Tues- 
day, Mr. Murakami said: *1 
wanted to say that econ om ic 
development by resoorcc-poor 
Japan was due to diligence.** 


die Vietnam War. 

“If the two sides normalize ties, 
it would create favorable mnfc 
tioos far solving the MIA issne,” he 

said at the Hanoi airport before 
handing over nnfitazy remains erf 
Ame rica ns killed before the war 
ended in 1975. 

The White House announced on 
Monday that American companies 
could now set up offices in Viet- 
nam, hire staff and «gn business 
contracts that would take effect if 
and when the embargo was fifted. 

Some diplomats in Hanoi said 
the partial lifting of the embargo 
would result in a surge of foreign 
investment in the country, if only 
to forestall the Americans. 

Le Bang, head of die ministr y’s 
America department, said Wash- 
ington's move was a step in the 
right direction for Vietnam *nd the 
United States, winch have no dip- 
lomatic ties. 

But he added: “It is a little bit 
puzzling to the Vietnamese compa- 
because if they are going to 
sign contracts with the American 
companies and wait an indefinite 
time for those oon tracts to take 
effect, it win be discouraging.” 


Laboring Hard 
At an Apology 

Renters 

TOKYO — Labor Minister 
Masaknni Murakami made 


Another Vietnamese official said 
that Hanot, as well as American 
and other bostnessutto, wanted the 
embargo lifted completely. 

“Every step now is moving for- 
ward ami is significant,” he said. 
But he added: “It’s not over yet 
This is emotional” 

Ame ri can and foreign business- 
men as wdl as ordinary Vietnamese 
welcomed the news that Washing- 
ton had eased the embargo. 

*Tm excited that finally Ameri- 
can firms will be able to be compet- 
itive with firms from other coun- 
tries,” said Eujgene Matthews, an 
American businessman living in 
Hanoi. 

Former Prime Minister Bob 
Hawke of Australia, who was in 
Hanoi beading a foreign business 
delegation, said the UiL move was 
a welcome step toward lifting the 
embargo. 

He said the United States 
seemed to have recognized what 
other nations already acknowl- 
edged: that Vietnam was helping 
die UN peace plan in Cambodia 
and cooperating on the MIA issue. 

Washington has made coopera- 
tion in those areas conditions for 
lifting the embargo and normaliz- 
ing relations with Hanoi. 

The United States imposed the 
embargo on Hanoi in 1964 and 
extended it to a reunified Vietnam 
in April 1975, after the Communist 
victory over the UK-backed gov- 
ernment in Saigon. 

Mr. Matthews, the president of 
Ashta International, a UK-based 
investment and consulting firm, 
said that at least 100 big American 
companies had been to Vietnam 
this year. He expected some to 
move quickly to sign contracts. 

(Reuters, AFP) 


w <* 





: . m&m gvw— ^ ■■ w 

rinhirrTrf'rn*~Tr •iimhuflni i 

BUILDING ANEW — A woman carrying g pfamk to help bo3d a shelter the earthquake S^raday destroyed her home in the 
Indonesian coastal town of Matmere, one of the worst-hit areas. The army began mass burials for seme of the nearly 2,500 who 
tied in tbe quake and tidal waves that swept hundreds out to sea on Flores and two nearby islands in East Nusa Tenggara Province. 

Andy Kirk Dies at 94, Led Oouds of Joy Big Band 


Next York Tima Service 

NEW YORK —Andy Kirk, 94, 
one of the last surviving orchestra 
leaders from the big-band era, died 
Friday at his hf»™ to Harlem. He 
had Alzheimer's disease. 

Mr. Kirk was a conte m porary of 
Duke Elling ton, Count Basie, 
Fletcher Henderson and Jimmy 
Lunceford. Although his Gouds of 
Joy never reached me fame of those 
bands, he ran one of the best or- 
chestras in jazz, a band with sophis- 
ticated soloists, intelligent arrange- 
ments and the Kansas City sound. 

Mr. Kirk was bom in Newport, 
Kentucky, in 1898 and grew up in 


Denver. By 1927. be had quit his 
job in thepost office and joined 
Terrence (T) Holder’s hand the 
Dark Cloadsof Joy, in Dallas. Af- 
ter the band broke up, Mr. Kirk 
took over its remnant * Hwrngpd the 
name and secured work in Oklaho- 
ma City. 

There he was heard by the band 
leader George E Lee, who offered 
the band wont in the rich entertain- 
ment world of Kansas City. Mr. 
Kirk and the band relocated there. 

In 1936, Mr. Kirk’s band had a 
hit with “Until the Real Hung 
Comes Along,” cementing its sta- 
tus as an attraction. Mr. Kirk had a 


fine ear for musicians, and before 
his band broke up in 1948, be had 
used the talents of Charlie Parker, 
Claude (Fiddler) WOhams, Dick 
Wilson, Fats Navarro, Thckrakjus 
Monk. Howard McGhee. Don 
Byas. Ben Webster, Lester Young 
and marry mare. * 

Effis G. AnjaB Dead at 85, 
Farmer Governor of Georgia 
NEW YORK (NYT)— Effis G. 
AmalL 85, who sliced through red 
tape and Southern tradition as gov- 
ernor of Georgia from 1943 to 
1947, died of pneumonia Sunday in 
Atlanta. 


A Democrat. Mr. Arnall com- 
piled a progressive record in his one 
term as governor. 

He won a fight to abotishthcSl- 
a-y ear poll tax as a voting require- 
ment, lowered the voting age to 18 
and took Ins case far fair freight 
rates in the South to the UK Su- 
preme Court He was elected gover- 
nor when be was 35 and was con- 
sidered the boy wonder of Georgia 
politics. 

WBBsm R Avery, 87, & partner 
and chairman of Sidley & Austin, 
one of tbe largest UK law firms, 
died Saturday in Winnetka, ffli - 


A Last Republican Hurrah in Beijing Stirs a Fuss 


By Daniel Southerland and R. Jeffrey Smith 

Washington Post Service 

WASHINGTON — Commerce Secretary Barbara H. 
Franklin will begin a four-day trip to Beijing on Wednesday 
amid dispute involving the members of her delegation and 
two impending sales of UiL technology to Qiina. 

The announced goal of Ms. Franklin’s trip is to advance 
US. b usiness relations with China, but the trip has raised 
eyebrows among some because it comes less than seven 
weeks before key decisions will be turned over to Bill Ctimon 
when he is inaugurated as president 

A Commerce Department official said that 16 officials 
were traveling on Ms. Ftanklin’s plane, including nine politi- 
cal appointees, and that they would be joined by U more 
political appointees who wait ahead of the secretary to 

A Commerce Department sp okesman, Mark Miner, said, 
“For security reasons, we traditionally have not released the 
names erf US. government delegation members.” 

Mr. Mukt s$d delegation {nembors come from the. Com-.. 


merce and State departments, the office of tbe UK trade 
representative and the National Security Council staff and 
would be engaged in several high-level meetings. 

Senator Jesse Hdms of North Carolina, the senior Repub- 
lican on tbe Foreign Relations Committee and a sorongaitic 
of the Bush administration's China policy, suggested that tbe 
Republican National Co mmi t t e e rather than UK. taxpayers 
pay for Ms. Franklin’s trip. 

Ms. Franklin had planned to announce a UK decision to 
approve the first export of a supercomputer to China during 
her visit, but the administration deferred a decision after an 
internal dispute that pitted officials worried about its poten- 
tial military use against those eager to improve UK trade. 

UK officials said last week that the Bosh administration 
also planned to allow a sale to the Chinese nriHtary of UK 
technology that China needs for jet engines to power its own 
training aircraft and for a ground-attack bomber that China 
intends to export to Pakistan. 

The proposed sale of die engine technology provoked 
,protttfMLth*I^eiise4?q^^ whgowpme analysts 


said the jet engines and related gear could be used to power 

PTiiwcff miw miailwi 

An tide to Mr. Helms said that die national security 
adviser, Brent Scowcroft, assured die senator that neither the 
supercomputer nor the jet engine technology would be 
offered to China during Ms. Franklin’s visit. 

■ Clinton on Qrina’s Trade Status 

Presdent-dcct Bill Clinton says he does not think it wfil 
be necessary to revoke most-favared-nation trading status 
for China if it continues to make progress on human rights 
and other issues, Reuters reported from Little Rock. 

“1 don’t think we’ll have to revoke the MFN status,” Mr. 
Ctintou told his national economic conference Monday, “if 
we can achieve continued progress along these tines.” 

He said the Chinese had agreed recently to stop exporting 
products rrmrip by prison labor to the United States, and to 
open Chinese markets to some American products, after 
“the Bush administration finally agreed to put a little beat on 
the Chinese. - ', . 


Burma Hints at Trial 
For Dissident Leader 


By Philip Sherion 

New York Times Service 

RANGOON, Burma — Daw Aung San Sua Kyi. 
dissident who won the 1991 Nobel Pfcace Pri^s.aad \ 
under house arrest here for more than three years, is ; .M 
strike*and she may yet face a criminal trial, thfc|g’ifct 
“Wc can pot her on trial anytime wc like bfi6$usfe w 
evidence which can be used against her,” said Cototi 
spokesman For the junta that controls Burma. ~ 

He said that the government had resisted a criminal t 
because pBWAuag San Suu Kyi, who was placed itide 
in 1989 as-fbee&mpajgntd to bring danocraftJO ter 
the daughter cfc-the country's assassinated maepem 


Kyi. the Burmese, 
rad who has btijjj; 
haoLtio a bunfcte 


ave tonal. 
fe.pan.ji 

-- -.M 

I until now 


Aung San . , _ 

“Since she is t he d aug hter of our national fcadcr^ur bcfcw&j 
leader, we will not put her on trial as of this tune," Colonel Yt 
said, noting that Daw Ansg San Suu Kyi was bdng hekftader toere 1 
arrest on charges of “disturbing the peace." A. 

Asked whether she would be put on trial in the f unite, he said, “it 
depends'on her." 

In a meeting on Monday in Rangoon, the capitaLeighi senior 
government spokesmen offered the junta's most derated account in 

more than a year of the conditions of Daw AungStii Stig, Kyf s hou$! 
arrest. 

Tbe spokesmen disputed assertions by her husband that Daw - 
Aung San Suu Kyi was refuting to accept food as a riglest Over her 
imprisonment in her family’s lakeside ootepotmd in Rangoon. 

“She is not on a hunger strike, and her heal* $§' good,” said 
Lieutenant Colonel Kyawwm, deputy director of Bulbas Director- 
ate of Defense Services Intelligence. A. 

Her husband. Michael Aris. an Oxford University «&olar who last 
visited his wife in August, said last month that Daw Aung San Sun 
Kyi had decided not to accept any more assistance from family, 
friends and the junta, including food, to protest' hec confmemeriL 
“She is facing a situation where she is runningowt of food and_ 
money,” Mr. Aris said. ' 1 

Colonel Ye Htut described Mr: Aris*s accooaP of ffis wife’s" 
situation as “coraptetctyincortect^ 7 


■ good,” said 
iifs Director- 

ol&r who last 
une San Sun 



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HW<w nwww a | Bia w iBwija i Bey- 


ifloqsaMnuaBQdaao'popnoAipaKi'ABiooau ' 


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Page 6 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


** 


Pa 


i ■. 


ISRAEL: soldier^ Body h Found Snapshots of Mogadishu: At Least One Touch of Normality 

! /r rmtiruMwl (mn mm It BmMiwI alMmnlC tin TliesdflV * 


{Continued from page 1} 

generally opposed as a human- 
rights violation. 

I Hamas, said Yossi Sand, a mem- 
ber of the Knesset from the leftist 
Kleretz bloc, “is a murderous and 
fhnaiical organization, struggling 
Openly and declaredly against 
peace, and therefore it should be 
({rushed with an open fist.' 1 
> A government crackdown had 
begun with a reported roundup of 
POO suspected Hamas members 
even before the sergeant's body was 
(bund by a Bedouin Arab woman 
Tuesday morning near the main 
ibad Unking Jerusalem and the 
Vest Bank city of Jericho. 

; While details of the autopsy were 
nolofficiaUy announced. Israel Ra- 
(Jiosaid the victim had been repeat- 
edly stabbed and that it was 
thought he had been killed Monday 
night, or roughly 36 hours hours 
after he was seized on a Led street 
Ahfle on his way to work. 

, Among those arrested overnight 
by the Israelis was Taher Shriteh. a 
Palestinian journalist who works 
rorsevenil foreign news organiza- 
tions. including The New York 
Times. Reuters, CBS and the BBC. 

Syria Ends Visas 
For Exiling Jews 

; . Reuters 

| NEW YORK — Syria has 
flopped issuing exit visas to Jews 
living in the Arab country, sources 
cloje to the emigration movement 
$ay> The sources said that the Syri- 
an^ allowed about 75 percent of the 
Country's 4,000 Jews to leave since 
April but stopped issuing visas 
about two months ago. 

A U.S. State Department official 
confirmed that Syria had stopped 
iuuing visas and said that the mat- 
tier bad been raised at "the highest 
levels." She added that Syria de- 
nied any change in policy.' 

1 The sources said they believed 
the visas were stopped because Syr- 
ia might be seeking a bargaining 
dhip in its dealings with the incom- 
ing Clinton administration. 


Repeated attempts on Tuesday 
to find out from Israeli officials 
why Mr. Shriteh had been detained 
were unavailing. Uri Drorai. direc- 
tor of the Government Press Of- 
fice. which had issued official cre- 
dentials to the Palestinian reporter, 
said he also had not been told the 
reason for the arrest. 

Mr. Shriteh. a leading journalist 
in Gaza, was Hid for 38 days last 
year for sending faxes of Hamas 
leaflets to Reuters, leading to army 
charges that he had kept a fax ma- 
chine illegally and had “given aid 
to an enemy organization-” Most of 
his lime under arrest was spent in 
solitary confinement 

Human Rights Watch, a New 
York-based group, sent a letter on 
Tuesday to Prime Minister Yitzhak 
Rabin, expressing its concern for 
Mr. Shriteh’s well-being. 

it was not clear if the mass Ha- 
mas arrests involved specific sus- 
pects or was instead a general 
roundup of people who may not be 
held for long In addition to tbe 
arrests. Gaza and tbe West Bank 
have been closed for the last two 
days. 

Discussing the Hamas roundup 
in the Knesset on Tuesday, Mr. 
Rabin pledged that his government 
would continue to "strike unmerci- 
fully" against Lhe group but would 
not be goaded into giving up on the 
peace negotiations under way in 
Washington. 

The prime minister was clearly 
on the defensive, for the recent ex- 
plosion of violence has undermined 
his election promise last spring to 
guide Israel toward a peace agree- 
ment while preserving Israelis' se- 
curity. He has come under wither- 
ing attacks from rightist opponents 
for having made concessions to tbe 
Palestinians that, in their view, 
make Israel look weak and vulnera- 
ble to still more violence. 

“This terrorism reflects tbe na- 
tional and religious Arab fanati- 
cism to exterminate us, to murder 
Israelis and murder Lhe entire Zion- 
ist idea," said Benjamin Netan- 
yahu, the presumed front-runner to 
become the Likud party’s next 
leader. 


WRECK: Scramble for Souvenirs 


i (Continued from page 1) 

and Exploration, which carried out 
the expedition with a manned mini- 
submarine, Titanic Ventures 
agreed not to sell any artifacts 
brought up Tram the wreck, but it 
can organize exhibitions and 
Charge an entry fee. Individual 
owners, though, will be allowed to 
sell any items they now recover. 

; Mr. Josseiin nonetheless antici- 
pated conflicting claims of owner- 
ship. 

; Identifying ownership will be 
difficult. Four tie pins cany the 
initials “RLB,” some leather goods 
identify wherein London and Paris 


S 


they were acquired and numerous 
bottles display the names of the 
oils, dves ana lotions they once 
carried but invariably there is do 
bint of ownership. 

Indeed, while some of the jewel- 
may have more intrinsic value, 
e items* principal worth is simply 
that they come from the Titanic 
and, as such, may interest collec- 
tors. 

“What most struck me,” Mr. Jos- 
sdin said, “is that in such a long list 
of day-to-day objects, there was 
nothing made of plastic. That, if 
nothing else, shows how much 
times have changed.” 





Crystal, 

Then 

Now 

Forever 

Penguin — 


30 ms, RI F. DE PARADIS 
PARIS - 47.70.04^0 


IF PLACE DE LA MADELEINE 
PARIS - 42,fS?J6.2f. 


By Donatella Lorch 

.Vew York Tima Service 

MOGADISHU. Somalia — Idriss Hassan received 
his last paycheck three years ago. StUL every day from 
7 A.M. until 3 P.M.. he works as a traffic policeman, 
guiding cars, camels, trucks, and people through one 
of Mogadishu's trickiest intersections. 

U is not only a difficult task but, in a city without 
any form of government, electricity, or phones, it is an 
unusual touch of normality. 

The traffic light has been dead for more than a year, 
and the intersectioa on a main avenue about a mile 
from the U.S. Embassy compound, is more like a 
bumper-car arena. Dented mini-vans, their headlights, 
windshields, windows, and doors missing, aggressively 
inch their way in between pickup trucks so loaded with 
passengers that some ride silting on the hood and the 
roof. Adding to the mix are the newly-anived Hum- 
vees and other American military vehicles. 

More often than not. the din of car horns drowns 
Mr. Hassan's shrill whistle. But it is a job that be does 
with pride. 

“I do it for my country and because I love being a 
policeman," he said. 

There were once more than 200 traffic policemen in 
Mogadishu. Now there are only a handful said Mr. 
Hassan, a slim 55-year-old who has spent 30 years in 


the traffic police and works at the intersection with 
four of his friends. 

Other former policemen want to come back to work, 
but they do not have uniforms. All that is left of Mr. 
Hassan's original uniform is the blue beret, the epau- 
lettes. and ids whistle. He had to make himself new 
khaki trousers, and he sewed his own white shirt 

Tears welled in Mr. Hassan's eyes when he recount- 
ed what he once had. 

“I had beautiful white gloves that I used to direct 
the traffic.” he said in fluent Italian -learned during 
colonial rule of this part of Somalia. M 2 had a shoulder 
holster and a gun and shiny black boots, and everyone 
respected me." □ 

Since American troops arrived in Mogadishu last 
week, thousands of Somalis have gathered on the 
streets or perched in trees to stare at the passing 
soldiers. For the most part they have been friendly 
and curious. But in this unpredictabletity, this too can 
change in an instant. 

When a Somali woman got out of a jeep full of 
French soldiers on Monday outside a hotel where 
more than 100 foreign journalists are staying, the 
crowd of mostly men, angry at her for bong with 
foreigners, reacted like wQdfire. Shouting, they quick- 
ly surrounded her and threw her to the ground. Some 
men stomped and kicked her. while others tore off her 
clothes and hit her in the head with sticks. 


She pulled out a knife and managed to stab one of 
her attackers before the weapon was wrestled away 
from her. Then the men dragged her by her hair into a 
nearby compound and they threw stones at passing 
photographers. 

The attack was witnessed by journalists on the roof 
of the hotel, and French Foreign Legionnaires 
watched from the roof of another building. No one 
intervened. 

Later jailed on charges of suspected prostitution, 
she faces trial before a religious court Newspapers 
said that if convicted, she might be executed. 

It was all over in 10 minutes. The crowd relumed to 
soldier-watching. 

□ 

Weapons may have mostly disappeared along the 
main avenues of Mogadishu, but they are highly 
visible at the Bakara market. 

Patched together under rusty corrugated tin roofs 
and burlap-topped huts, tbe market stretches out 
along narrow, muddy lanes in the western part of the 
capital. 

It is one of busiest places in the city, and one oT the 
roughest. Hundreds of Somalis meander through the 
chaotic, pickpocket-infested crowd accompanied by 
bodyguards toting M-16s and AK-47s. Armed men 
guarding the stalls and stores threatened to shoot 
loiterers, including Western ones. There is much dis- 


trust of foreigners here, and the Somalis who acre the 
most talkative with a Western visitor were the few 
people who hissed: "Be careful! Watch out!" 

At a wheat store, the counter is used to prop up the 
owner's recotlless rifles. Much of the wheat rice, and 
flour in the stores has made its way to the market after 
being looted from the warehouses and convoys of 
foreign relief agencies trying to alleviate tire suffering 
in the famine-stricken interior of the country'. 

The looting may have kept the Somali economy- 
afloat, allowing the citizens of Mogadishu access to 
affordable rood. But in the last couple of weeks, prices 
for basics have skyrocketed because supplies have 
dwindled. 

Dates imported from Saudi Arabia cost the equiva- 
lent of SI. 80 a pound, sugar from China has tripled in 
price in the last week to $3.60 a pound, and nee has 
doubled to 70 cents a pound. 

Conversely, the price of weapons has plummeted 
since the Americans arrived and began fitful efforts to 
collect arms from Somalis, An AK-47, the most popu- 
lar assault rifle here, now fetches $50, down from $ 1 50 
a week ago. 

One of tbe biggest businesses is in Somali passports. 
For S50. anyone can choose from stacks of green 
passports, complete with stamps and an empty plasti- 
cized square for a photograph. 



SOMALIA: Signs Along the Way 


A starving youth in a Baidoa feeding center on Tuesday was among many waiting for Western help to arrive. 


(Continued from page 1) 
relief workers say the daily death 
toll has been creeping back' toward 
100 . 

Securing the Baidoa airport is 
one of the troops' first goals. Al- 
though it has been open to relief 
flights for months, armed clansmen 
have looted the food convoys and 
terrorized aid organizations in 
town. Some gunmen have exacted 
thousands of dollars in landing fees 
from tbe aid planes, while tbe local 
police, who recently materialized, 
have been charging reporters a va- 
riety of “registration fees.” 

After the Marines take control of 
the airfield, letting relief flights in 
unimpeded, they plan to fan out 
into me surrounding town to begin 
securing food convoy routes. 

President George Bush's special 
envoy to Somalia, Robert B. Oak- 
ley, met with relief workers and 
dan leaders in Baidoa on Tuesday, 
and told tire relief agencies that die 
military would explain to them on 
Wednesday how the relief effort 
would work. 

“We're not expecting any real 
opposition," said Captain Robert 
Casiellvi. the commander or the 
unit that will lead the ground con- 
voy into Baidoa. 

Thirty kilometers outside Moga- 


dishu on the way to Bali Dogle. 
long green rows of com sprouted 
from reddish-brown soil on either 
side of the road. A middle-aged 
man and woman were seen tillin g 
the soil with short hoes. Mango 
trees, banana palms and tomato 
vines grew in other fields. 

On a footpath next to tbe road- 
way, men armed' with switches and 
automatic rifles herded hundreds 
of meandering camels toward the 
market in Mogadishu. 

“People out here live a lot better 
than in the city.” said Corporal 
Patrick Haley. 24, a sniper observer 
from Houston. "These people 
aren't skinny. They seem healthy." 

But there were also signs of pov- 
erty, and of the chaos brought by 
the two years of civil war. 

Power poles stood naked on tbe 
roadside, their cables long since 
stolen for their copper. At hamlets 
along tbe route, residents sat in 
ramshackle twig huts, some roofed 
with corrugated metal 

“I'm glad some of these people 
aren’t that badly off,' said Gunnery 
Sergeant Arthur Torres, 36, of San 
Diego, motioning to workers in the 
fields. 

“But help's here for a lot of other 
people, and that's what we're going 
to be doing." 


CLINTON: An Experiment in Political Education BUSH: President Sets Forth Foreign Policy Doctrine 


(Continued from page 1) 
in which each student tries to make 
a pet point, with no one putting it 
all together or paying attention to 
what the last person sard. 

None of it seemed to bother Mr. 
Clinton, probably because this con- 
ference for him was not just a dis- 
cussion of economics. It also was a 
matter of politics. What Mr. din- 
ton wanted most out of it, aides 
said, was not a report on the state 
of tbe economy, not an agreement 
on a specific economic recovery 
plan. He basically knows what he is 
going to do already. 

He was trying to create a politi- 
cal mood — a nationwide consen- 
sus that the economy is in a struc- 
tural decline. He also seemed to be 
trying to persuade Americans that 
their president-elect was working 
on it, but that no one should expect 
a quick fix. 


“Just think of the ripple effect," 
said Ms communications director, 
George Stephanopoulos. “Even 
people just scanning channels will 
see their president-elect working cm 
the problem they care most about, 
let alone the people watching all 
day. And the people here will go 
back and talk about the issues 
we're talking about” 

At its best — and that was only 
in spurts — the conference was 
educational At one point Mr. 
Clinton evocatively translated a de- 
tailed presentation on health-care 
costs by Stuart Altman, a professor 
at Brandos University, in a few 
brief sentences. 

"I just want to reinforce the 
point he made,” Mr. Clinton said, 
“so that you get some sense of what 
an incredible downward spiral 


we’re in. Because more costs 
being shifted to the private sector. 


more private sector people stop in- 
suring their employees." 

“We are literally now up to 
100,000 Americans a month losing 
their health insurance," be contin- 
ued. “An enormous percentage of 
them then qualify for state Medio- 
aid benefits. Thai, as soon as they 
trigger that in, that aggravates the 
federal deficit. And ance states 
can't ran a deficit, they all go out 
and either underfund education, or 
underfund children's investment 
programs, or raise taxes, and that 
lakes money way from other kinds 
of investments,” 

The conference was also a na- 
tionally televised job audition for 
those interested in the subcabinet 
posts that Mr. Clinton still has not 
filled. Like peacocks on audition, 
several speakers fluffed their imd- 
lectual plumage for the president- 
elect. 


(Condoned from page 1) 
should consider using military 
force only in those situations where 
the stakes warrant, where it can be 
effective, and its application limit- 
ed in scope and time. . 

"As we seek to save lives, we 
must always be mindful of the lives 
that we may have to put at risk." 

The speech is one of a few Mr. 
Bush plans to make in tbe waning 
days of his presidency that he evi- 
dently hopes will define his view of 


recent history and historians' views 
on his four years in office. 

As be spoke. President-elect Bill 
Clinton was chairing a detailed 
roundtable on the issue that voters 
in November evidently believed 
Mr. Bush had sorely neglected: the 
U.S. economy. 

Mr. Bush took the opportunity 
to call for public backing for the 
new president, who is expected to 
pursue a foreign policy that in 
many respects is more similar to 


RUSSIA: Unfinished Business 


IBM: Research Budget Slashed Amid 25,000 Job Cuts 


(Continued from page 1) 

ly Japan, were “softening,” al- 
though there remained "some ebul- 
lience, and that’s China." 

Europe is expected to bear a big 
share or the cuts. An IBM spokes- 
man said about half of the 25,000 
cuts would take place in the United 
States, where IBM has 158.000 of 
its 300,000 employees, while most 
of the rest would take place in Eu- 
rope, where IBM has about 100.000 
employees. 

The S6 billion charge against 
earnings in this quarter was for 
larger than analysis had expected. 


Mr. Metz said the company expect- 
ed to break even this quarter but 
could not promise better times for 
1993 even if tbe U.S. economy con- 
tinued to hold up. 

Among those expressing concern 
at the analysts' meeting were repre- 
sentatives of the Ford Foundation, 
which like many trusts and other 
hinds holds big blocks or IBM 
stock and has not moved quickly 
enough to dump it as its value fell 
by half in the past 18 months. 

Moody's Investors Service said 
that it might cut IBM's bond rating 
again. In March, it was lowered 


two notches, from Aaa to Aa2. 

An associate director at 
Moody's. Alfred Pas tore, said, 
“The reason IBM is under review is 
that it seems to be in a free-fafl.” 

He added that IBM was unable 
to cut costs fast enough to keep 
pace with shrinking sales volume, 
stabilize its business position and 
improve its market share. 

Last year, IBM had a record loss 
of S2.82 billion, on revenue of S64.7 
billion. For tbe first nine months of 
this year, it reported net income of 
S498 million, on sales of $44.96 
billion. 


(Continued from page 1) 

cies pursued by his government 
have been milder than the shock 
therapy acclaimed in Poland. Rath- 
er than forcing bankrupt enter- 
prises to dose, the government al- 
lowed them to accumulate huge 
debts. By Western standards, un- 
employment is stiD low. 

With inflation running at 25 per- 
cent a month, the new prime minis- 
ters margin of economic maneuver 
is very narrow. Mr. Chernomyrdin 
is likely to face soon the choice that 
the Gaidar government sought to 
avoid: allowing factories to go 
bankrupt or reintroducing state 
economic controls. 

The new prime minister will have 
an uphill struggle winning the con- 
fidence of Western financial insti- 
tutions. Mr. Gaidar was widely re- 
garded in the West as the symbol of 
Russia's determination to push 
ahead with a f roe-market economy. 
Mr. Chernomyrdin is a largely un- 
known quantity. 

When Mr. Chernomyrdin was 


named fuel and energy minister in 
May, the appointment was inter- 
preted as a victory for the industri- 
al lobby. He bad served in tbe same 
position under the Soviet president, 
Mikhail S. Gorbachev, and was 
dearly a consummate insider. But 
be called for the liberalization of 
energy prices, a step that the Gai- 
dar government never dared to 
take. 

The change of prime minister is 
likely to lead to a shake-up in the 
Russian political scene, with Mr. 
Yeltsin no longer able to rely on the 
weakened democratic camp as his 
political base. Several radical legis- 
lators who had supported Mr. Gai- 
dar accused the president of a sell- 
out and said that drey would now 
go into opposition. 

“This is the end of the Gaidar 
era,” said Anatoli Shabad, a mem- 
ber of the Democratic Russia 
group. “It will lead to a further 
destruction of the economy and 
possibly even the breakup of Rus- 
sia. Many democrats will be unable 
to support Mr. Yeltsin after this.” 


that outlined on Tuesday by Mr 
Bush than to the policies Mr. Bus! 
appeared to be pursuing during hi: 
presidency. During his campaign 
Mr. Clin ton repeatedly called for i 
foreign policy based on America c 
values and democratic tradition! 
and a re-evaluation of what hi 
viewed as a Cold War mentality. 

Mr. Bush made it dear that ht 
was not endorsing “reckless, ex 
pensive crusades" but rather an ac 
tlvisi American approach. 

The post-Communisi world, 
with its clashes of nationalism, Ik 
said, “could be as menacing” as the 
Cold War, he said. 

^ "And let me be blunt." he added. 
“A retreat from American leader- 
ship and from American involve- 
ment would be a mistake for which 
future generations, indeed our own 
children, would pay dearly." 

History will record, be said 
proudly and to sustained applause, 
that “the end of the titanic clash of 
political systems and the collapse 
of the most heavily armed i 
in history took place without 
being fired." 

The president received his mo 
enthusiastic ovation when he r< 
fared to his long years in positioi 
or political leadership. 

History is summoning us one 
again to lead,” be said. “Proud < 
its past, America must once agai 
look forward and we must live u 
to the greatness of our forefather 
ideals, and in doing so, secure ot 
grandchildrens' futures. That is tb 
cause that much of my public (if 
has been dedicated to serving." 

He said be was “very confident 
that Mr. Clinton would “do hi 
level best to serve the cause" tha 
he outlined Tuesday. 



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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


rage./ 



Kremlin Chief: A Manager With a Good Record 


Viktor KoroJajtWKnilm 

Prime Minister Viktor S. Chernomyrdin at his press conference 
Tuesday. He restated support for “a market-oriented economy.” 


By Steven Erlanger 

Mew York Tima Service 

MOSCOW — Viktor S. Chernomyrdin, Russia's new 
prime minister, has had a long and successful career as a 
manager and cabinet minister in charge of the country’s huge 
gas and energy complex. 

.What was striking was how few of the legislators who 
voted for him know much about him- But many said they 
knew the type: a strong, experienced administrator who ran 
a yhal industry with wide international contacts, but who 
* was no Communist Party hack. 

. Mr. Chernomyrdin had been "brought into the cabinet of 
Acting Prime Minister Yegor T. Gaidar at the end of May 
with two other industrialists. 

Their inclusion was an attempt to broaden Mr. Gaidai's 
government of young. Westernized economists and appease 
outraged managers of state enterprises, who were struggling 
with Die end of a trentralfoeH, command economy and the 
collapse of the Soviet Union. 

But Mr. Chernomyrdin's appointment as a deputy prime 
minister for fuel and energy was based on competence and 
caused no controversy. He replaced a Gaidar friend. Vladi- 
mir Lopukhin, who was acknowledged to have been a failure 
in the job. 

Mr. Chernomyrdin, 54, is widely considered “to have 
worked hard in the government, and with no political ambi- 
tions,” Nikolai Vorontsov, a pro-change legislator and for- 
mer environment minister, said on Monday, 

Mr. Gaidar himself was generous in his comments. 


“I treat him with respect,” he said of his successor. “He 
sees the priorities of refontns in a slightly different way. But 
on the whole, Chernomyrdin wants reforms to be carried on. 
This is why Fra not an out-and-out pessimist about every- 
thing we have accomplished being in vain” 

The changes, he added, “have a great momentum of their 
own, and it is very difficult to reverse them.” 

Mr. Chernomyrdin tried to calm nervousness about the 
future of Russian economic change by asking members of 
the Gaidar cabinet to stay on, at least Tor now, and restating 
bis support for “a market-oriented economy.’' 

But in his first interview os prime minister, with the Itar- 
Tass press agency, and in a statement thanking the Congress 
of People's Deputies, he gave a clear sign that his “priorities 
of reforms" would be different and would concentrate on 
trying to reverse the fall in industrial production, which is 
down about 25 percent from a year ago. 

“No reform will work if we destroy industry completely,” 
he said. “We should switch to another stage — pay serious 
attention to production. This will enable us to ao more for 
agriculture, for boosting output We will rely on basic, key 
industries, that will help revive the rest” 

As Mr. Gaidar fought to prevent a continuing and infla- 
tionary flow of central bank credits to Russia's struggling 
factories, he insisted that it was “impossible to produce our 
way cut of crisis" by making goods that no one wanted to 
buy. 

But Mr. Chernomyrdin is expected by Russian lawmakers. 
Western diplomats and economists to keep the credit tap 


open, which may risk ranting the already dangerous 25 to 30 
percent monthly inflation into something close to hyperin- 
flation. or SO percent a month, bv spring. 

Mr. Chernomyrdin said Monday that bis main task was 
“to deepen reform, but without impoverishing our people.” 

His statements implied further efforts to strengthen the 
social safety net, slowing the rise in unemployment, and 
continuing to raise pensions and salaries in line with infla- 
tion. Such policies will inevitably create a bigger deficit, 
which when added to new credits, is likely to further delay 
already fadingWestem hopes for economic stabilization. 

But if Mr. Chernomyrdin can help export industries like 
gas. oil and timber, and crack down on illegal exports, be 
may begin to bring in the bard currency Russia needs for 
crucial imports and to support the ruble. 

Viktor Stepanovich Chernomyrdin was born in 1938 in a 
village in the Orenburg region of Russia, worked as a 
compressor operator, and graduated from a technical insti- 
tute through correspondence courses. He next became a 
machine operator at an oil refinery, and, from 1967 to 1973. 
worked in the industrial department of the Orsk city Com- 
munist Party. He moved into the gas industry and served as 
an instructor in the party’s Central Committee from 1978 to 
1982. 

That year, he was made deputy minister of the gas indus- 
try, and, in 19S5, when Mikhail S. Gorbachev came to 
power, he became a minister. In 1989, he turned his ministry 
into the first state corporate complex, Gazprom, and was its 
chairman before joining the Gaidar government in May 
1992. 


With Oil and West 9 s Appeals in Mind , Tokyo Plans Aid for Central Asia 


By Steven Brail 

International Herald Tribune 

TOKYO — Japan, hamstrung 
politically in responding to grow- 
ing Western demands to give assis- 
tance to Russia, is laying the 
groundwork to become the leading 
donor to the five Central Asian 
republics of the former Soviet 
Union. 

The aid, which could begin flow- 
ing next year and eventually be- 
come substantia], is aimed chiefly 
at supporting the transition of 
those states from centrally planned 
to market economies. 

Tokyo wants to help stabilize a 
region where an ascent of Islamic 
fundamentalism could create dis- 
turbances affecting oil shipments 
from the Gulf, Japan’s main source 
of supply, officials said. 

Bui Japanese aid to the republics 
— Kazakhstan, Turkmenistan, Uz- 
bekistan, Kyrgyzstan and Tajiki- 
stan — also prorides a way to satis- 
fy growing Western pressure to 
share the burden of aiding states 
that have spun out of the Russian 
orbiL 

Officials say President Boris N. 
Ydlsin’s cancellation in September 
of a visit to negotiate the two na- 
tion's long-standing territorial dis- 
pute hardened attitudes in the gov- 
erning Liberal Democratic Party, 
and quashed hopes held in some 
quarters of stepping up aid to Mos- 
cow. 

“It's the pragmatic way to assist 


Russia,” said Dennis Yasutomo, a 
visiting scholar at the Ministry of 
Finance and an associate professor 
at Smith College in Northampton, 
Massachusetts. 

Giving aid to the republics also 
underscores Tokyo's growing abili- 
ty in the post-Cofd war era to adopt 
more independent and strategic 
policies. 

“They’re taking real leadership 
in central Asia,” said Robert Orr, 
director of the Institute for Pacific 
Rim Studies of Temple University 
in Japan. “They intend to be the 
major player ” he said. Hie United 
States ana the European nations, 
he added, lade the means or deter- 
mination to aid the region as much. 

Japan's official development as- 
sistance budget is the world's larg- 
est, and it is expected to grow by 5 
percent, to about 1 trillion yen, or 
S8.06 billion, in the fiscal year be- 
ginning next April Although To- 
kyo coordinates its aid with West- 
ern-dominated institutions, its 
policies have assumed greater inde- 
pendence, especially in Asia, a re- 
gion it sees as its natural sphere of 
influence. 

Japan began exploring its inter- 
est in the central Asia republics in 
May, when Foreign Minister Mi- 
chio Watanabe visited the region. 
A high-level Finance Ministry dele- 
gation toured in October. 

Although the central Asian re- 
publics straddle the crossroads be- 


The Hague Appoints 
New EC Commissioner 


Reuters 

THE HAGUE — Foreign Min- 
uter Hans van den Broek of the 
Netherlands will succeed Frans 
Andriessen as the Dutch European 
commissioner, effective Jan. 2, the 
government said Tuesday. 

Prime Minister Ruud Lubbers 
told the States-GeneraL or parlia- 
ment that the Netherlands had of- 
fered the EC Commission its best 
candidate in view of the current 
problems within the European 
Community. 

“It is important considering the 
phase Europe is going through with 
all its worrying aspects, that the 
best possible could be expected of 
Lbe Netherlands,” Mr. Lubbers 
said. 

Mr. Andriessen, the longest- 
serving member of the European 
Community’s executive commis- 
sion and the second most senior 
official in Brussels after Jacques 
Delors, president of the commis- 
sion, asked not to be reappointed, 
the Dutch Foreign Ministry said. 

Mr. Van den Broek will’ be suc- 
ceeded by Pieux Kooijmans. 59. a 
law professor. 


main architects of the Maastricht 
Treaty on European Union. 

Politicians and diplomats said 
his appointment was a surprise and 
that it throws into question the fu- 
ture of Mr. Lubbers, who is widely 
seen as the front-runner to succeed 
Mr. Delors as president of the com- 
mission. 





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tween Asia and the Middle East, 
from China in the northeast to Iran 
in the southwest, officials returned 
from the region impressed by the 
cultural affinities. “They look like 
Asians and they think like Asians," 
a senior Finance Ministry official 
said. 

Japan's strategy appears loosely 
coordinated, with duTerent minis- 
tries pursuing separate agendas 


and the Foreign Ministry in the 
lead. But the nation has nonethe- 
less taken a series of steps that set 
the stage for becoming the domi- 
nant aid demur to the region. 

A key decision came earlier this 
month, when Japan overcame 
French and U.S. opposition to put 
the five republics on the develop- 
ment assistance country list of the 
Organization for Economic Coop- 


eration and Development. The list, 
which serves as a guide to which 
countries should benefit from aid, 
is crucial (o getting major Japanese 
support because it allows Tokyo’s 
assistance to be defined as develop- 
ment aid. 

Tokyo has also been leading a 
drive to admit the republics to tire 
Asian Development Bank, even 
though they are already members 


of the European Bank for Recon- 
struction and Development. There 
is no precedent for states belonging 
to more than one regional develop- 
ment bank. 

Japan also plans to open embas- 
sies m Kazakhstan and Uzbekistan 
next month to help gather informa- 
tion and develop projects that can 
use Japanese aid. But Japan still 
faces a serious lack of regional ex- 


perts and a paucity of diplomats 
conversant in Turkish and related 
dialects. 

Japan will get help from Turkey, 
which is vying with Iran for region- 
al influence. Prime Minister Suley- 
man Demird of Turkey visited To- 
kyo last week and asked Prime 
Minister Khdri Miyazawa to assist 
setting up a bank to provide devel- 
opment funds to the region. 


Marching Band 
WalksOffWith 
Booty in Japan 

The Associated Press 

TOKYO— Members of the 
Texas Southern University 
marching band stole more 
than $22,000 of electronics 
products on a trip to Japan — 
and returned most items when 
the police threatened not to lei 
the band leave the country, 
officials said Tuesday. 

The band was in Tokyo to 
play at a football game be- 
tween two UJS. colleges Dec. 
6 . 

A police spokesman said 
that before their return to the 
United States, the 126 band 
members were taken in buses 
on a shopping trip to an area 
with many electronics shops. 

Store employees saw mem- 
bers stealing products and 
chased them, but the Ameri- 
cans returned to their buses, 
the spokesman said. 

Shopkeepers could not 
identify the thieves since tire 
band members were wearing 
uniforms. 

The police told band mem- 
bers tnai unless the stolen 
products were returned, the 
buses would not be permitted 
to leave. 

About 100 items were given 
back, but about $3500 of 
goods were not returned. 

A spokesman for the Japa- 
nese organizer of the game 
said Lbat officials had received 
money for the unretumed 
products from Texas South- 
era. 


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INTERNATIONAL 


PuHiM WrfbTHrNn. \«VTU^«dTb* W-hlnjcUm Port 


(tribune. 


Caution Makes Sense 


T ‘ The American-led intervention in Soma- 
1 Ha proceeds with an evident measure of 
' taution. Impatient voices can be beard de- 
fnnnding that the Americans stop the starv- • 
[ mg and MTIing imm ediately. Tbc American 
. government is defending the manner and 
' pace of the operation, ana so it should. It is 
‘ a bold and risky mission, and to conduct it 
imprudently is to endanger the lives of 
those in the intervention force and to pro- 
< $lude the rescue of countless Somalis. 

.. Disperse soldiers quickly to pacify and 
i feed the countryside? There are practical 
^ masons to consolidate staging points at the 
. country’s two international-type airfields 
..and to ensure that American troops not go 
'■into the hinterland — of a country which, 
on an American map, would stretch from 

- Florida to Michigan — until the political 
and military way has been smoothed. Not 

■ the relief agencies and not remote observers 
but the military commanders are the right 

- people to make these operational decisions. 

■ The shadow of Beirut, where several hundred 
Americans died in a situation in which the 
American government did not appear to 

- know what it was doing, hangs over Somalia. 

’ - A crack of political difference has opened 

between the United States and the United 
Nations. Now that (he United States is 
there, the United Nations wants Washing- 
ton to move beyond its chosen purpose of 


security-for-rdief and to disarm all the gun- 
men and deliver a quiet county to interna- 
tional political and developmental rehabili- 
tation. It is a bit artificial to disti n gui sh 
between a U.S. relief mission and a UN 
rehabilitation mission, but the U.S. govern- 
ment, which is trying to draw a line, should 
keep on hying. Any other approach risks 
stirring Somali resentment and tempting 
other countries to fredoad on Washington. 

The American miliiary command de- 
scribes the Somalia operation as “first and 
foremost” a “political activity supported by 

military power." So it is in two senses. First, 
the United States is not shooting its way 
into what is, after all, a sovereign state, 
although one currently without a govern- 
ment; with the veteran diplomat Robert 
Oakley in a key advisory role, it is negoti- 
ating its way in — and in fact it did so in 
Mogadishu with a success that converted a 
potentially dangerous landing into a press 
extravaganza. Then, the American pur- 
pose is not to take over and run the coun- 
try but to band it off to a Somali political 
process whose reconstruction is being 
overseen on the ground by a UN represen- 
tative, Ismat KittanL Care in the military 
aspect of this operation can give its politi- 
cal aspect the auspicious launching that 
Somalia desperately needs. 

— THE WASHINGTON POST. 


Opportunity for Bush 


■ George Bush can secure a place in history 
as the president whose diplomacy ended, at 
\ long last, the nuclear arms race. One crucial 
piece of the puzzle eludes him — complet- 


I ing a second strategic arms treaty. START- 
j 2 could be his most important legacy. Yet 
this magnificent opportunity might slip 
away unless he personally intervenes. 

Secretary of Slate Lawrence Eagle- 
burger and Foreign Minister Andrei K o- 
. zyrev have failed to resolve a few remain- 

■ ing technical issues. These pale next to the 
, larger significance of the treaty. START-2 
. would ban all land-based multi-warhead 

- missiles and reduce the total of warheads 
. on each side to between 3,000 and 3,500 — 

■ down from 11,000-plus today. 

■■ . Strategic realities argue for a prompt 
. conclusion. The fewer warheads Russia de- 
ploys, the easier they are to control More- 
over, given the current political turmoil, the 
■■ sooner Russia begins to take them out of 
■' service, the better for the United States. 

■■ There are three remaining issues: 

First, Russia, in its straitened circum- 
stances. would like to avoid the cost of 

- constructing new single-warhead missiles 
and silos to shelter them. It would like to 
turn its six-warhead SS-19 missiles into sin- 

- gle- warhead missiles by removing five of 
l the warheads. Washington could accommo- 
date Moscow so long as it can be assured 
that the warheads cannot be reloaded later 
on. That means redesigning the missile. 


which would be expensive, or destroying 
the warheads and providing for intrusive 
inspections, which would cost a lot less. 

Second, Russia would like to deploy an- 
gle-warhead missiles in the silos that now 
bouse its mammoth 10-warhead SS-18 mis- 
siles. That would be acceptable as long as 
Moscow destroyed the SS-1 8s or altered the 
silos to make them incapable of laonching 
the SS-18 — both relatively cheap fixes. 

Finally, the United Slates is planning to 
convert some nuclear bombers to carry con- 
ventional warheads. Russia wants con- 
straints on the ability to reconvert the planes 
into nuclear bombers. Hoe is an issue on 
which the United States could give ground 
and still maintain a robust deterrent. 

Even if the treaty is signed. Russia could 
delay actual disarming until Ukraine rati- 
fies the START- 1 treaty and signs the Non- 
proliferation Treaty, as it pledged to da 
President Bush has met some of Ukraine's 
demands — covering the costs of disman- 
tling its 176 multi-warhead missiles and 
paying for its share of the uranium extract- 
ed from warheads on its soiL And he is 
trying to work out some form of reassur- 
ances on Ukraine's security with Moscow. 

Bureaucrats tend to tie themselves up in 
technicalities. It takes political leadership 
to raise their sights. Opportunity — and 
history — await America’s last Cold War 
president 

— THE NEW YORK TIMES 


Discussing Economics 


One of the things new presidents do is 
change the terms of national debate, 'piat is 
part of what Bill Clinton was attempting cm 
Monday at the national televised economic 
conference — Ross Perot might have called 
it “electronic town half — in Little Rode. 

The Republicans spent 12 years broad- 
casting their view that government was the 
problem, the great burden that the econo- 
my had to bear. The Democrats, whether of 
the new or old variety, have a different 
perspective. They took the occasion to ex- 
press it on Monday, and to float a few trial 
balloons besides, lire president-elect used 
the conference, which continued on Tues- 
day, to make these points: 

• The economy may wefl be recovering 
from the recession, bur simple recovery is not 
enough. The election was about structural 
not just cyclical problems, and enormous 
structural problems remain to be resolved. 

• The greatest of these is a low level of 
investment, broadly defined to mean public 
as well as private outlays and investment in 
people no less than in the traditional fields 
of plant and equipment. 

• Higher rates of investment — all kinds 
— will restore the growth in productivity or 
output per worker on which a rising nation- 
al standard of living depends. Increased 
investment in people, meaning more spend- 
ing on education and training, is also tbc 
only long-term answer to the increase in 
income inequality that has split the country 
for the past 20 years. There u a special need 
to spend more on the fifth of all children 
who are poor. Marian Edefanan, president of 
the Children's Defense Fund, laid out as a 
short-term agenda the immunization of ev- 
ery child against preventable diseases and 
full funding of Head Starr, you can be confi- 
dent you will hear more of both proposals. 

• The need for increased public invest- 
ment in a weak economy means, in Mr. 
Clinton's view, that deficit reduction cannot 
be the overriding goal “If you go for one 
hard strategy over another, you might wind 
up aggravating some of these other issues." 
He is right that the choices are "complex," 
but we hopedie does not stray too far from 
deficit reduction. There is no way the Demo- 
crats can accomplish their social objectives 
unless they first refill the Treasury. 

• Mr. Clinton floated the idea of creat- 
ing a so-called capital budget to put the 
deficit in a different pe r s p ect i ve. He asked 
whether the government should follow bu- 


siness’s lead and “draw a distinction be- 
tween borrowing money for investment in 
our future and borrowing money to pay for 
[current] costs." The answer, if this means 
creating a separate “investment budget” 
that would not count against the deficit in 
the same way as the rest of the budget, is 
surely no. Every federal expenditure would 
suddraiy become an “investment"; the 
danger exists rhetorically even now. Mr. 
Clinton himself noted elsewhere in the pro- 
ceedings that, if anything, the structural 
deficit is currently understated; excess So- 
cial Security taxes (which wifi be needed to 
finance the baby boomers’ retirement in the 
next century) mask the deficit’s tine size. 

• Health care is the killer cost for every 
sector erf the economy. Medicare and Med- 
icaid are the accounts that threaten to eat 
the federal budget Ford Motor Co. now 
spends as much on health care as it does on 
steel, its chairman and chief executive offi- 
cer says. Fart of this is a shift in cost; the 
rates Ford pays include the cost to hospitals 
and other providers of so-called uncompen- 
sated care, the care of the uninsured. The 
examples were used to make a case for a 
system that would include both universal 
healthcare and strong cost controls, which 
happens to be what Mr. Clinton has said he 
is for. He isn’t president yet, bat he is 
already using the pulpit. 

— THE WASHINGTON POST. 


Other Comment 


The Yeltsin Difference 


Through aQ the turmoil of Russian poli- 
tics. the crucial question for the West re- 
mains to what extent Boris Yeltsin and his 
policies can and should be supported. Com- 
parisons are made to Mikhail Gorbachev's 


final years in power, when there was specu- 
lation as to what could be done to help keen 


la tion as to what could be done to help keep 
perestroika afloat But there are important 
differences; Mr. Gorbachev’s concept of 
reform was always tactical a short-term, 
often stop-gap response to immediate chal- 
lenges; his successor has a comprehensive 
strategic concept of systemic reform, 
though be has so far been unable to caoy it 
out Further, Mr. Yeltsin, unlike Ins prede- 
cessor, enjoys the legi timac y of having been 
democratically elected to bus post. 

— Niue Hardier Zdtung fZaricftj. 


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WEDNESDAY, DECEMBER 16, 1992 


OPINION 











9 p 









Clinton’s Team: The Fray Will Be Interesting 


W ASHINGTON — There is an oddball 
quality to BQl Clinton’s first round of 


By David S. Broder 


cabinet ana White House appointments that 

S that the new president will be kept busy 
ig fights within his administration. That 


may be exactly what be wants. 

He has set up a situation in which major 
constituencies of cabinet departments will be 
appealing derisions of “their’ 1 secretaries to the 
White House, and conflicts of ideas and priori- 
ties among the decision makers will Hkely have to 
go to the president for resolution. 

It is this invitation to infi ghting as much as the 
strangeness of some of the choices that has Wash- 
ington buzzing. This has to be the first time that 
the Environmental Protection Agency director is 
designated ahead of the secretary of state, or that 
the secretary of commerce is a notable and the 
White House chief of staff an unknown. 


complete. So far the roster is notably shy of the 
grass-roots voices and fresh ideas that Mr. Oin- 


Harvard University’s Robert Reach, whose 
economic theories. have influenced Mr. Clinton 
greatly, seemed a natural for a top White House 
policy job. But instead he winds up as secretary 
of labor — an operating position traditionally 
reserved in Democratic administrations fra 1 a pal 
of the unions, which Mr. Reich is noL 

Donna Shalala, who has run two universities, 
was touted for secretary of education. Instead 
she is named secretary of health and human 
services — not welcome news to the medical 
industry but fine and dandy with two Shalala 
buddies, Hillary Clinton and Marian Wright 
Fridman of the Children's Defense Fond. 

Ron Brown, the first black to head the Demo- 
cratic National Committee and a savvy, well- 
connected Washington operative, would have 


grass-roots voices and fresh ideas that Mr. din- 
ton was expected to draw from the ranks of state 
and local elected officials and the “reinventing 
government" think-tank crowd. But there are 
plenty of jobs stfll to be filled. 

Individually, the men and women he has 
named are as bright and academically wdl-cre- 
dentialed as one would expect from a Gearge- 
town-Oxford-YaJe Law product who picked a 
Harvard grad for a running mate. Intellectually 
elite, the appointees surdy are. Whether they will 
work as a team is another question. 

It may be, as one transtion official told me, that 
Mr. Clinton is deliberately counter-programming. ■ 
He may be putting people in unexpected positions 
in order to keep the interest groups from taking 
over the administration before it has even opened 
its doors. If so, it is smart strategy. But it is 
producing some unexpected results. 


been a plausible and persuasive White House 
chief of staff. Thomas (Mack) McLarty, Mr. 


Clinton’s boyhood friend, doesn’t know much man, for all their vaunted power and brilliant 
about Washington but, as chairman of a Fortune were thwarted in that goal as budget direct! 
500 natural gas company, would have been a will question Mr. Clinton's commitment, 
credible secretary of commerce. So Mr. Clint on With quadruple-layering of economic pdi 
makes Ted Kennedy’s old pal Mr. Brown the — among Treaknys Bentsen and Altman, t 
secretary of commerce and names Mr. McLarty Council of Economic Advisers’ Laura D’Andr 
as chief of staff. Go figure Tyson (a Berkeley academic), the White Housi 

If he wanted to keep the doctors from domi- Rubin and Oftf&'s Panetta and Rivtin — ft 
□a ting the Department of Health and Human Clinton has a mechanism that looks too to 
Services, as they have done for die last four years, heavy for efficient derision making, 
the unions from calling the shots in the Labor But he has guaranteed that he will hear 
Department, and business from riimkmg it ran variety of views and probably has seeded 
the Commerce Department, he has been shrewd, enough conflict to have to step in and resolve it 
But in seeming contradiction of that principle himself. That was Franklin Roosevelt’s way of 
’ ‘ operating, and if it works as well for Mr. Clin- 

ton. all the muttering about the oddity of his 


The disposition of the agriculture, interior and 
education secretaryships — three other depart- 
ments often run by their constituency interest 
groups — may tdl which pattern will prevaiL 

In some areas Mr. Clinton has been extremely 
conventional Senator Lloyd Bentsen of Texas, a 
gray-haired model of caution and calm judg- 
ment, is a treasury secretary right out of Central 
Casting. With one Wall Street big shot, Roger 
Altman, as his deputy and another, Bob Rubm, 
beading the White House's National Economic 
Council the message to the fin an rial co mmuni ty 
is “business as usuaL” 

Similarly, by putting two of the Democrats' 
brightest budget wonks, the House Budget Com- 
mittee chairman, Leon Panetta, and a former 
Congressional Budget Office director, Alice Riv- 
lin, m charge of the powerful Office of Manage- 
ment and Budget, Mr. Clinton seemingly sig- 
naled to the markets that be wants strong anu- 
defirit measures. Only those unkind enough to 
recall how David Stockman and Richard Dor- 
man, for all their vaunted power and brilliance, 
were thwarted in that goal as budget directors 
will question Mr. Clinton's co mmi tment 

With quadruple-layering of economic policy 
— among Treasury’s Bentsen and Altman, the 
Council of Economic Advisers’ Laura D’Andrea 
Tyson (a Berkeley academic), the White House's 
Rubin and OMfrs Panetta and Riviin — Mr. 
Clinton has a mechanism that looks too top- 


he let his super-environmentalist vice president, A1 


Gore, pm a prot^Se, Carol Browner, mas head of 
the HP A, thus aspiring that one interest group at 
least would dominate its part of the bureaucracy. 


muttering about the oddity of his 
soon be foreotten. 


choices will soon be forgotten. 

The Washington Post 


N EW YORK — President-elect 
Bill CUnlon is stuffing his cab- 


JLN Bill Clinion is stuffing his cab- 
inet with people who represent 
powerful special interests. The new 
treasury secretary is a friend of the 
ril and gas industries. The new sec- 
retary of commerce has represented 
a fat bank account worth of busi- 
ness lobbies, American and foreign. 

What is more, in charge of the 
labor, environmental and faealth- 
wdfare departments will be people 
who represent the most contnweisal 
kind of special interests. That is: 
lifelong c ommitmen t (O philosophies 
of government that emend some 
companies, unions or other groups 


By A. M. Rosenthal 


that wQJ be affected by them. 

Wonderful news. Air. Clinton’s 
decision to appoint people who in 
the past represented special inter- 
ests means several healthy thin g s 

They will be likdy to know what 
they are talking about. The public, 
given responsible congressional 
hearings, press attention and dives- 
titure laws, will know what it is get- 


ting. And, hallelujah, the appoint- 
ment should end the great American 


meat should end the great American 
charade of pretending that special 
interests by nature are evfl. 

In the 1992 campaign all the can- 


didates denounced them with rou- 
tine passion. The truth is that Ameri- 
ca consists of groups that are entitled 
to push for their special interests and 
da As long as they do it openly and 
legally, they are constitutionally pro- 
tected and vital to democracy. 

Every American is a bouquet of 
special interests. Some just smell 
better to particular noses. Hoe are 
a few of mine r As a New Yorker, I 
am in favor of generosity to the 
dries. As a Jew, 1 fight racial or 
religious prgudice as hard as I can. 
As a newspaperman I am almost a 
First Amendment absolutist — al- 
most. Also, I like low postal rates 
for newspapers. I am anti-Commu- 
nist and anti-fascist. I do not believe 
in neos and am scornful of nous. 

Eliminating officeholders with 
special interests in their back- 
grounds would eliminate most peo- 
ple in the country. Mother Teresa 
would be banned and not one of the 
1992 candidates nominated. 

The sperial-uterest nature of the 
sodety depends on two conditions. 
One: Americans who take jobs in 
which they are expected legally or 


morafly to suhmage their past inter- 
ests live iq> to toe roles. Two; If they 
don’t, they get thrown out. 

In journalism, columnists and 
editorial writers openly express 
opinions and try to influence peo- 
ple. But reporters and news editors 
working for nonpolitical publica- 
tions or stations are honor bound to 


Their job is to present articles that 
provide the public with the infor- 


mation to make up its own mind. 

And the public servant is honor 
bound — me phrase is not embar- 
rassing once you get used to it — to 
put aside past commercial or polit- 
ical interest or ideology to serve 
only public interest as- defined by 
law or common decency. 

. Crooks happen. But the alterna- 
tive is to appoint only nincompoops 
or failures, assume all successful in- 
tellectuals, politicians or business 
people are scoundrels and make 
cynicism the only American value. 

Stiff. In almost all of us there are 
collections of spedal interests that 
make it impossible to trust some 
people for public office, people who 


have broken no law but who you 
fed in your stomach should not be 
hanging around government. 

My special interests include a sur- 
vival instinct for democracy. So it is 
impossible for me to trust for office 
people who have long been associat- 
ed with far-left or far-right causes 
that are enemies of democracy. 

Thanks to the New York weekly 
The Forward, I know the very spedal 
interests of the educator Johnetta 
Cok, head of education, labor and 
humanities in the Clintonian interim. 

Ms. Cole was a member of the 
national committee of the pro-Cas- 
tro Venceremos Brigade, helped di- 
rect the U.S. Peace Council which 
was pro-Soviet, anti-Israel pro- 
Marxist in Grenada, anti-criticism 
of the North Vietnamese — the usu- 
al collection of far-left loves and 
hates. I think her appointment was 
a mistake that should be explained. 
I hope she does not hang around 
government much longer. 

Propagandists for dictatorships 
don’t suit my particular nose. But 
that is no reason to throw away the 
whole bouquet and settle for a 
bunch of dry weeds. 

The New York Times. 


Seven Ways for Americans to Take Japan Seriously 


T OKYO — As the first U.S. presi- 
dent bom after World War II 


By Glen S. Fukushima 


and the first elected after the end of 
the Cold War, BffL Clinton faces the 
challenge of transforming a deteriorat- 
ing, asymmetric and outmoded rela- 
tionship with Japan into one that is 
genuinely equal constructive and be- 
fitting fa; 1990s and beyond. 

Japan can contribute to this over- 
due change, but for the United States 
several actions are imperative. 

Formulate a Japan polity. Japan is 
loo important tofomet each time the 
U.S. trade deficit dips or a Bosnia 


U.S. policy has since 1945, that Ja- 
pan's economy will automatically 
come to resemble America’s. 


Akio Mori la, the Sony chairman, 
asserts fh»t Japanese ontnpaniwi ex- 
pand market snare through cutthroat 


Wanted: Policymakers 
who understand Japan. 


erupts. Imp lementing a national com- 
petitiveness strategy is a necessary 
condition to deal with the “Japan 
problem." But even if the United 
States had no federal budget deficit, 
the highest saving and investment 
rates in the world, the best education 
and work force training system in the 
world, eta, these alone would be in- 
adequate to address the profound 
challenges posed by Japan. What is 
needed is an explicit, coherent and 
strategic policy focused on Japan. 

Recognize mat Japan is different. 
Japan is different from the United 
States in hs political economy, more 
so than other advanced industrialized 
countries. U.S. policy must take ac- 
count of these differences — not “un- 
fairness” — in market structure and 
conduct, the role of the government, 
the idea of competition, the value at- 
tached to domestic control of manu- 
facturing. the detire fa- sdf-suffiden- 
cy and the deep distrust of foreign 
suppliers — rather than assuming, as 


their employees, paying meager divi- 
dends to diareboldera, neglecting the 
envi ronmen t and making insufficien t 
philanthropic contributions. 

Given these differences, negotia- 
tions with Japan must focus on re- 
sults, not process and procedure — 
no matter now alien this may seem to 
American notions of how “the mar- 
ket” should operate. Furthermore, 
such futile efforts to “remake Japan” 
as the Structural Impediments Initia- 
tive should be abandoned. 

Integrate politics and economics;. In 
the posi-Crad War world, the United 
Stales can no longer afford to bifur- 
cate Japan into two countries — one 
a trusted political ally, the other an 
economic rival competing for world 
markets. Japan needs to be dealt with 
holistically as the powerful nation 
that it is, one that joutmtiy plays off 
the State Department, Defense De- 
partment and National Security 


ally, against the Commerce Depart- 
ment and the office of the U.S. trade 
representative, which view Japan as a 
challenge, if not a threat 
Consider die regional end global 
framework. Japan's economic power is 
too great and its political power too 
ascendant to con&der it in isolation 
from the rest of Asia and a broader 
international context Washington 
needs a sophisticated, realistic and 
strategic analysis of Japan’s growing 
role in the wodd, and what it means 


for American interests. For instance, 
die US. security presence in Aria can- 
not be considerea apart from the eco- 
nomic benefits Japan reaps from iL 

Cool the rhetoric while solving prob- 
lems. In the past decade, the two gov- 
ernments have stayed friendly white 
public rhetoric has grown hostile, 
what we need is camhd problem-solv- 
ing negotiations coupled with a public 
emphasis oo greater cooperation. 

Plan and shape the future. The 
United States shook! establish alter- 
native scenarios of haw the relation- 
ship may evolve over five, 10 and 20 
years. While trying to dupe the fu- 
ture in light of U.S. interests, Ameri- 
ca should forecast areas where the 
two countries can cooperate, where 
they wffl compete and where they are 
Hedy to conflict. The aim should be 
to maximize areas of cooperation, en- 
sure benefits from competition and 
mimmoe areas of conflict 

Use expertise an Japan. The Unit- 
ed Stales needs policymakers who 
understand Japan — its language, 
history, psychology, politics, econo- 
my and business practices. The U.S. 
government’s Japan expertise is 
woefully inadequate. Japan must be 
taken seriously enough to be dealt 
with by Americans who know that 
country, just as Japan has therood 
sense to use government officials 
and business people knowledgeable 
about the United States. 

□ 

With the United States and Japan . 


cepis outlined above, the Clinton ad- 
ministration has a golden opportu- 
nity to create a new and constructive 
U^.- Japanese relationship as it pre- 
pares America for the 21st century. 


The writer, an American business- 
man based in Tokyo, directed Japanese 
affairs at the office of the U.S. trade 
representative from 1985 to 1989. and 
has participated in President-elect Bill 
Clinton’s economic summit in Little 
Rock, Arkansas. Re contributed this 
comment to the Los Angeles Times. 




In Russia, 


A Mistaken 


Therapy 


By David M. Kotz 


N ORTHAMPTON, Massachu- 
setts — If the ouster of Russia's 


IN setts — If the ouster of Russia's 
acting prime minister. Yegor Gaidar, 
on Monday means an end to the 
“shock therapy" experiment, the 
West should have no regrets. 

The radical economic changes had 
many supporters in Russia and the 
West when, they were started in Janu. 
ary. But a policy must be judged on 
its record, and the Russian plan's 
record has been dismal 

Tbe sudden freeing of nearly all 
prices, wholesale cutbacks in public 
spending, strict limits on monetary 
growth and rapid privatization of 


state enterprises made up the core 


state enterprises m 
of “shock therapy.” 


It was i 
talization 


to stimulate revi- 
free markets and 


private initiative. 

Far from creating tl 
revival the free-market 


the basis for a 
et plunge main- 


ly worsened an already serious crisis. 
Private initiative has indeed fostered 


Private initiative has indeed fostered 
new economic activity but largely in 
small-scale commerce, services and a 


free-wheeling financial sector. 

Meanwhile, production has faffen 
about three times as fast in 1992 as 
1991 and prices are spiraling upward. 
Most Russians have been pushed be- 
low the poverty line, including much 
of the middle class. 

It is not surprising that Russians 
and their political parties and organi- 
zations have become increasingly vo- 
cal in their complaints about the 
deteriorating economy and in calls 
for a new direction. 

While most Russians still want se- 
rious economic reform, they are ap- 
palled by the mass impovoishment 
and industrial destruction the current 
strategy has caused. 

Some experts claimed that “shock 
therapy" was merely destroying inef- 
ficient “dinosaur” enterprises that 
should be allowed to die. But even 
previously successful enterprises, 
such as the giant Vaz Auto Works, 
were threatened by (he tight credit 


required by “shock therapy.” 
It is wasteful to allow even 


It is wasteful to allow even ineffi- 
cient factories to be destroyed if 
nothing better is available to replace 
them, it is better to reform existing 
enterprises than to follow a path that 
would lock Russia into total depen- 
dence on exports of raw materials 
and imported manufactured goods. 

What new policy will emerge is 
uncertain. Since pressure from the 
Chic Union bloc and other centrist 


S oups is largely responsible for the 
aidar mister, the new policy mav 


Gaidar ouster, the new policy may 
incorporate the centrists' suggestions. 

These indude measures to revive 
industrial production while seeking 
control of inflation, government ef- 
forts to increase investment in indus- 
try and infrastructure and a more 
ddi berate pace of privatization to en- 
able viable state enterprises to re- 
vamp themselves while encouraging 
the growth of new private companies. 

Replacing Mr. Gaidar with Viktor 
Chernomyrdin does not necessarily 
mean democratic reform will cease. 

The centrists poshed Mr. Gaidar 
out using legitimate democratic 
methods. The real threat to democ- 
racy would have been six more 
months of “shock therapy." 


The resultu 
turmoil might 


rfitical-economic 
have brought to 


power the proto-fascist groups in the 
National Salvation From, destroying 


any nope for enduring demc 
Mr. Gaidar’s fall does not 

end of economic reform. , 

change is likely to take place more 
gradually, with greater government 
guidance and with more coz 


more concern for 


protecting living standards and sal- 
vaging what can be salvaged from 


existing productive institutions. 
Indeed, the Civic Union’s cal 


Indeed, the Civic Union's call for 
the government to play an active role 
in reviving production, rebuilding the 
infrastructure and promoting new 
technologies resembles Bill Clinton's 
program for the U.S. economy. 

“Shock therapy" resembled the 
laissez-faire or “trickle-down” eco- 
nomics that has so Hamagwt the U.S. 
economy for the past 12 years. 

a Mr. Clinton should make clear his 
willingness to assist the Russian 
government in pursuing a democrat- 
ic alternative to “shock therapy." 
The chances of success for a differ- 


ent strategy will be mneh greater if 
the Uni tea Stoles accepts the change 
and offers support. 

Failure to do so will heighten the 
risk that an economic and social 
breakdown will lead to a new au- 
thoritarianism — with grave impli- 
cations for the Russians and the 
rest of the world. 


The writer is professor of economics 
at the University of Massachusetts at 
AmhersL He contributed this ctmment 
to The New York Times. 


IN OUR PAGES; 100. 75 AND 50 YEARS AGO 


1892; Canada Is Offended * rcvv ' itself into Struggle in the name 

V®**? ^States —JWt for thefirst ItaW has the greatest confidence in the 

power of the United States.’’ 


PARIS — Canada is angry with the 
United Stales — not for the. first 
time. It is “only pretty Fanny’s way," 
as the song says. Now she is very 
wroth. It seems President Harrison 
offended when he ref erred to the “un- 
friendly* attitude adopted by Cana- 
da on tariffs. The finance Minister of 
the Dominion denies this charge, apd 
declares that the United States 
blocked the way to an alteration of 
the tariff by insisting on a preferen- 
tial treatment, especially agamst Brit- 
ish goods. Canada would not agree 
and the negotiations broke down. 


1917: Message 


ROME — On the occasion of the 
declaration of war by tbc United 


making up40 percent of the world’s States on Austria-Hungary the King 
gross national product, how these of It aly sent this telegram to Pkxi- 
nations identify problems, resolve dent Wilson: “The United Stales has 
differences and work together has established itself firmly on the side of 


WASIWGTON — [Fran our New 
York edition;] Anguished because 
resident Roosevelt spdkd Genera- 
hasuno with too many Ts," the Of- 
fice of War -Information rot busy 
5? eradicator today [Dea I5J. 
TJy dear Generallisstmcj,’’ said the 
salutation on a longhand letter to be 
transmitted by radio-photo to 
Qmnriting. It is a safe bet the greet- 
ing will be “My dear Gtaeralissnno” - 
before me faauadk is sent. O.WJ. 
worirers announced that the note 
would not be available until tomor- 
row but gave no reason for the delay. 
But the story was already out Pic- 
toK^ar^WhitoHouseshow- 
mg President Roosevelt luuutina rh/- 


profound implications for the inter- right, and its earn' [into the war] win Sr to the ** 

national systenL By adopting thepre- assure victory Tbeltalian nation «nwi the orAo^j^j^ ad0riC ' 




... • 

. .&» ... r — ■ 










'N 

ft 


V 

.” ! 'i r -^ 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


Page 9 


OPINION 


: £<• 

V, ■*. 

■ r-J'% 

•v. . 


Vl < 






-.V. 

* r ■■ 



By Joseph S. Nye Jr.. 

C AMBRIDGE, Massachusetts . — ca, a thousand ethnic and linguistic peo- 
Onc of the major foreign policy - ptesare squeezed within and across some 
challenges for the Clinton admmistra- 
tiori wifi be how to respond to the new 
tribalism — the demand of ethnic 
groups for self-government. Ethnic eon- 
fhas once suppressed daring the Cold 
War are creating a.type of war for which 
we are poorly prepared Yugoslavia is a 
harbinger of things to come. 

Liberalism’s traditional answer to 
ethnic nationalism was sdf-<kaennina» 
lion. It seemed self-evident that every 
people should have the right to rule 
used; government should be by popular 
consent If in doubt, let the people vote. 

Moreover, the right to self-rietennina- 
tion is enshrined in the Charter of 
the United Nations. 

But the experience of Yugoslavia 
shows that the liberal principle of self- 
determination can lead to highly illib- 
eral results. When homogenous Slove- 
nia wanted to secede, the answer was 
easy. Why should Slovenes be ruled 
from Belgrade? Under Germany's urg- 
ing, the Western world applied the 
same reasoning to Croatia, but inde- 
pendence for Croatia turned Serbs in 
some districts into a minority who de- 
manded a vote on secession rather than 
being ruled from Zagreb. And in Bos- 
ni a- Herzegovina, where Muslims, 

Serbs and Croats were often mixed to- 
gether like a marble cake (rather than a 
layer cake), efforts to create homoge- 
neous areas led to "ethnic cleansing.” 

Simple-minded application of a liberal 
principle led to a fasdstic practice. 

Appeal to democratic voting does not 
solve such problems because h begs the 
question of where the vote will be hdd. 
who decides what sdf wfll determine? 

Take Ireland, for example: If Irish peo- 
ple vote within the existing political 
boundaries, Protestants in Ulster will 
rale over Roman Catholics, bm if the 
Irish vote within the geographical 
boundaries of the island, Ulster Protes- 
tants wQl be ruled by a Catholic mqor- 
ity. Whoever has the power to determine 
the boundaries of the vote has the power 
to determine the outcome. 

Moreover, one must consider the ef- 
fects of a secession cm the majority left 
behind. In 1938, Hitler used dawns of 
self-determination for Sudeten Germans 
to strip Czechoslovakia of its mountain 
defenses. In the 1960s, bitter civfl wars 
were fought in Africa to prevent Katan- 
gan secessionists from stripping Zaire of 
its copper and Biafrans from removing 
Nigeria s oiL It is not surprising that 
issues of secession are more often deter- 
mined by bullets than haBoi is. 

These are not rare examples. Less than 
10 percent of the 17S states in today's 
wood are ethnically homogenous. Only 
half have one ethnic group that accounts 
for as much as 75 percent of their popula- 
tions. Most of the republics of the former 
Soviet Union have significant minorities, 
and many have disputed borders. In Afri- 


50stm. Once such states are called into 
question, the prospects for ethnic cleans- 
ing and widespread violence are open- 
ended. A forego policy of unqualified 
support for nat y yp? | rntf-d Marninarirm 
could result in enormous world disorder. 

How then is it possible to preserve 
some order in traditional terms of the 
balance of power among sovereign 
states, whilealso moving toward an or- 
der based on justice among peoples? If 
every ethnic group is granted its own 
state, the prospects are slim. 

The answer must reside in greater in- 
ternational protection of human and mi- 
nority rights. In retrospect, it would have 
been better to have conditioned recogni- 
tion of the Yugoslav successor stales on 
their adoption of constitutions guarantee- 
ing homani^ts and accepting provisioo 
- for international surveillance and media- 
tion of the condition of minorities. 

International institutions are evolving 
in such a direction. Already in 1945, 
Articles 55 and 56 of the UN Charter 
pledged states to collective responsibility 
tor observance of human rights and fun- 
damental freedoms. Even before the Se- 
curity Council resolutions authorizing 
pastw interventions in Iraq, UN recom- 
mendations of sanctums against apart- 
heid in South Africa set a precedent of 
not being strictly limimri by the charter’s 
statements about sovereignty. In Europe, 
the 1975 He lsinki Accords codified mi- 
nority rights, and violations can be re- 
ferred to the European Conference on 
Security and Cooperation. Overall, indi- 
vidual and minority rights are increasing- 
ly treated as nwreo^ national concerns. 

Of course, in many pans of the world, 
such principles are resisted and viola- 
tions go unpunished. A foreign policy of 
armed multilateral intervention to right 
all such wrongs would be another source 
of enormous disorder. But we should not 
think of intervention solely in military 
t erm s. Intervention is a matter of degree. 
Actions can range from statements and 
limited economic measures to full- 
fledged invasions. Limited interventions - 
and mnltilateral restrictions of sover- 
eignty in egregious cases need not dis- 
rupt international order. On a larger 
scale, the Security Council can act under 
Chapter 7 of the UN Charter if it deter- 
mines that internal violence is likely 
to spill over into a more general threat 
to regional peace. 

The evolution of a new international 
order will be slow and imperfect — too 
slow to avert many tragedies that will be 
caused by the new tribalism. But as the 
new administration strives to cope with 
these problems, it should realize that too 
ample an application of sdf-detennma- 
tion could make thing s worse. 

The writer is director of Harvard's Cen- 
ter for International Affmrx He contribut- 
ed this comment to The Washington Post 



To Hell, Designer Polo Shirt and All 


W ASHINGTON — Looking south 
toward Africa from the comforts 
of Lady Metroland's London luncheon 
party. Lord Copper of the MegaJopolitan 
Newspaper Corp. discovers just what he 
is looking for “a very promising little 
war" in the nation of Ishmndia. “A mi- 
crocosm as you might say of world dra- 
ma,” he says. "We propose to give it 
fullest publicity." Later, engaging the re- 
doubtable William Boot to cover the war 
for his newspaper, the Beast Lord Cop- 
per elaborates upon his African mission: 

“What the British public wants fust 
last and ail the time is News. Remember 
that the Patriots are in the right and are 
going to win. The Beast stands by them 
four-square. But they must win quickly. 
The British public has no interest in a 
war which drags on indecisively. A few 
sharp victories, some conspicuous acts 
of bravery on the Patriot side, and a 
colorful entry into the capital That is 
the Beast Policy for the war.” 

Thus it goes in the pages of ^Scoop," 
Evelyn Waugh’s classic comic novel 
about journalists set loose in (he African 
wild, and thus it goes even now in Soma- 
lia. where against the background of 
human suffering too ghastly to contem- 
plate the American press and the Ameri- 
can military are dancing a minuet more 
fardcal than anything even the inge- 
nious Mr. Wangh could have imMgineri. 

By the standards of both Lord Copper 
and the Pentagon, the military action in 
Somalia is an absolutely perfect little 
war. It provides maximum opportunity 
for heroic posturing at minimum risk to 
life, limb or self-nghteousness. It pro- 
vides an enemy, if “enemy” is indeed the 
word, far more interested in murdering 
his own defenseless countrymen than in 


By Jonathan Yardley 

provoking America into serious military 
action. It provides ample opportunity 
for sharp victories and conspicuous acts 
of bravety. all conducive to colorful pic- 
tures. And it provides the ultimate in 
media satisfaction: the trappings of war 
without the actuaiiiy of war. 

Small wonder the Pentagon leaped so 
eagerly into the fray. By contrast with the 
nettiesome complexities and ambiguities 

MEANWHILE 

of Bosnia. Somalia is a cut-and-dried case 
of gpod against evil a chance to continue 
the reconstruction of the Pentagon's im- 
age that has been undo - way since its 
monumental adventure in Grenada. 
Somewhere in the Pentagon there may be 
someone who sincerely believes the crisis 
in Somalia places demands on the Ameri- 
can conscience too great and urgent to be 
ignored; everywhere in the Pentagon, 
people knew from the outset it ofTered 
what one television correspondent called 
“the world's biggesi photo opportunity.” 

So the military has played Somalia for 
all it's worth. In the annals of war come- 
dy, a special niche must now be reserved 
for the pictures of US. Marines wading 
ashore at Mogadishu to find themselves 
confronted not with hostile fire but with 
the blinding lights of television cameras. 

The spectacle offered ample material 
for sermonizing by the various philoso- 
phers who rushed to lake up residence in 
Somalia last week. The ineffable Dan 
Rather of CBS called the scene “Hofly- 
woodish, almost cartoorrish.” ABCs Ted 


LETTERS TO THE EDITOR 


A Grass-Roots Insider 

Late one hot, muggy evening in July, 
there was a flurry oTexdtement on an 
otherwise empty airfield in Little Rock, 
Arkansas: The newly nominated Demo- 
cratic candidate for president of the 
United States, Governor Bill Clinton, 
was returning borne. 

It was almost two hours past mid- 
night, and the governor was horns be- 
hind schedule. The time of his return 
had not been made public, so the small 
airport stood empty and silent save for 
the “advance team" and a handful of 
local volunteers. 

I was a member of the latter group. 
Mr. Ghuon returned often to his home 
base in little Rock, so this would not 
be the first time I would receive a last- 
minute summons to the airport in the 
middle of the night, where our duties 
ranged from holding back reporters to 
unloading the plane. 

My solace was that, as an acquaint- 
ance of Mr. Clinton, 1 had only to caB 
out through the din of reporters a simple 
“Hi, BAIT and he would come over with 
a handshake and warm gi ee tio gs- 


None of us minded the midnight toil 
It was re w ard in g enough just to be there, 
playing a part in the American political 
process in our own small way. 

But there was another advantage. 1 
was free to roam around the campaign's 
national headquarters, in a modest 
building in downtown Little Rock. A 
short tour gave one a sense of awe at the 
intricate organization involved in one of 
the most underestimated presidential 
campaigns in U.S. history. 

For one who has seen the inner work- 
ings of this campaign, it is possible to feel 
sym patheti c to Dan Quayle’s election- 
nigh t remark as he conceded defeat: “If 
Bm Clinton runs this country as weD as 
he ran his campaign, well be all right” 
FRANK THURMOND. 

Oxford, England. 

Opportunity for Many 

After the U.S. elections, a rash of 
articles appeared suggesting in one way 
or another that George Bush had been 
“bred” to be president, that he had 
grown up with this as his goal — the 
in tima tion being that he belonged to a 
sort of American aristocratic political 


class. But all children in America, at 
least from lower middle-class upward, 
grow up with the belief that they could 
be president — unless they belong to 
one of the “wrong” minorities. 

JEFF EASTERSON. 

Perpignan, France. 

Time for Logic in Vietnam 

I don’t quite understand America’s 
continued isolation of Vietnam. Hie 
United States is losing out to (be rest of 
the world in a big market But more 
important, if there were thousands of 
Americans running around Vietnam, 
might they not find out faster about 
the servicemen missing in action than 
if nobody was there? 

EDHERBST. 

Salvador, BrariL 

Hatred and Religion 


The destruction in India by Hindu transport 
extremists of a 600-year-old Muslim avoidance 
temple; and the lethal riots that have 
followed, have reinforced my feeling 
that aU religions are bad. 


to elevate 

h umankin d to a higher level of con- 
sciousness and to promote brotherhood, 
in fact divides people. 

Fellow Slavs in former Yugoslavia, 
divided only by religion, are gouging 
each other’s eyes out Fellow Christians 
in Ireland, divided only by sect, are 
blowing one another up. 

Arab Muslims hate Jews, and Jews 
hate Arabs. What does it all mean? 

If humans have a biological need to 
hale, I suggest that we generate a world- 
wide Hate- the- Martians movement 
GENE DEITCH. 

Prague. 

Umpteenlh Eco-Disaster 

When wQl the governments of the 
world have the basic sense to ban muM- 
miTH on-gflllon tankers? If oil were carried 
in convoys of small ships, any accident 
would be relatively minor. The increased 
cost would be offset fay the 
avtsdance of huge payments made in 
compensation after every major spill. 

NESTA COMBER. 

Voice, France. 


KoppeL television's idea of an imelleciu- 
aL found it “Felliniesque." 

It does not seem to have occurred to 
these eminences that if the spectacle in 
Somalia looked like something out of a 
farce, it was precisely because they were 
on hand to make it so. Having dashed 
across the Adamic in order to masquer- 
ade as working reporters, these 800- 
pound gorillas of what we laughingly 
call journalism left the Pentagon little 
choice except to orchestrate a spectacle 
worthy of their presence. This the Penta- 
gon most enthusiastically did, though in ' 
the process it made mailers unnecessari- 
ly dicey for the marines. 

' But the best spectacle was provided 
not by the poor soldiers who unwittingly 
found themselves in a situation for 
which nothing at Fort Bragg or Camp 
Pendleton had prepared them, it was 
provided by the 800-pound gorillas 
themselves, as ihey strutted and preened 
across the East African landscape. 

They recalled nothing so much as Eve- 
lyn Waugh's four French journalists, who 
come to Ishmaelia “dressed as though for 
the anema camera in breeches, open shirts 
and brand new chocolate-colored riding 
boots cross-laced from top to bottom; each ' 
carried a bandolier of cartridges round his 
waist and a revoker-holsier on his hip.” 
Later, as the journalistic competition in- 
tensifies, “Everyone now emulated the 
Frenchmen: sombreros, dungarees, jodh- 
purs. sunproof shins and bullet-proof 
waistcoats, bolsters, bandoliers. Newmar- 
ket boots, cutlasses." 

The costumes of the American jouma- 
lislicos were rather less elaborate but not 
a scintilla less studied. Tom Brokaw ap- 
peared on NBC in a khaki shin artfully 
opened nearly to the waist, revealing 
what gave every evidence of being a de- 
signer T-shirt; his hair was perhaps wind- 
blown, perhaps stylist-blown. Dan Rath- 
er too had opened his shirt — or maybe it 
was a jacket — to reveal a blue polo shin, 
which by late in the week had itself' 
opened to reveal an admirable expanse of 
hirsute chest Mr. Rather chose the mo- 
ment to describe what be chose to caH' 
with characteristic fdidty of phrase, his 
“descent into hell.” 

All of which made for a smashing 
show, which in the minds of those chiefly 
responsible for producing it was exactly 
the desired result. The Pentagon, it is 
bridled about, was subjected to a friendly 
takeover by public-relations forces while 
the rest erf us were distracted by the Gulf 
War. It now routinely hands out oak-leaf 
dusters and fuchsia hearts for valor 
above and beyond thecal! in media place- 
ment and similarly dangerous assign- 
ments. The degree to which pictures from 
Somalia now monopolize the television 
news exceeds even the most extravagant 
dreams of these specialists first-class in 
photo-op manipulation. 

Irving Berlin was right: There's no 
business like show business. 

To be sure, it’s just a wee bit, well, 
obscene when so many are dying. But a 
little inconvenience never before stood 
in the way of entertainment. 

The Washington Post. 




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I 





International Herald Tribune 
Wednesday , December 16. , 1992 
Page 10 


STAGE /ENTERTAINMENT 


LONDON THEATER 


• t 

■ lat 


; s 


A New 'Carousel’: Back to the Play 


By Sheridan Morley 

International Herald Tribune 


L ondon — a joyous, 
brilliant and breathtak- 
ing production has raised 
“Carousel” (at the Na- 
tional Lyteiton) to the ranks of 
“Porgy and Bess” and “West Side 
Stray” at the forefront of the clas- 
sic Broadway musical. The produc- 
tion, by Nicholas Hytner and the 
late Kenneth MacMillan, has 
achieved this by putting the play 
back at the heart of the show, and 
thereby reclaiming it from the over- 
sentimentalized movie and decades 
of tacky road tours. 

“Carousel” is Ferenc Molnar's 
“LUiom” transported from Middle 
Europe to New England, and it has 
here been given a fine operatic and 
balletic rethink. Against Bob 
Crowley's cut-out settings, a dark 
and great masterpiece unfolds from 
the building or the carousel itself 
through to Billy’s final climb back 
to Heaven, and it is dominated by 
the dazzling dances of MacMillan, 
his last monument, which start out 
as a tribute to the original choreog- 
raphy of Agnes de MiUe and then 
time and again improve on that 
choreography, at least as it was 
immortalized by the movie. 

True. Hytner has had problems 
in his central casting: neither Mi- 
chael Hayden, years too young- 
seeming Tor Billy, nor Joanna Rid- 
ing, remarkably wan as Julie, have 
the strength which is everywhere 
else apparent, from Patricia Rout- 
ledge's clambake-celebrating old 
curmudgeon to Phil Daniel's won- 
derfully evil Jigger by way of Clive 
Rowe’s splendidly black Mr. Snow. 

“Carousel” has taken so long to 
revive because many thought, espe- 
cially in its Starkeeper scenes, that 
it was unrevivable. On the con- 
trary, we now know what we have 
been missing these last 40 years, 
and how much greater “Carousel” 
is than any of the more familiar 
Rodgers- Hammers tein scores. 

At the Hampstead, Doug Lucie's 
“Grace'’ is nothing less than a 
“Cherry Orchard" for our times. A 
group of latter-day American evan- 
gelists. led by the terrifyingly char- 
ismatic Reverend Hoffman (James 
Laurenson), arrives in Britain to 
occupy an old country estate pre- 
sided over by Anna Massey, who 
lakes an instant and cynical dislike 
to their bom-again preaching. 

But the estate has supposedly 
been the scene of a religious mir- 
acle involving Massey’s dead sister, 
and as the evangelists start to make 
their film of it the home truths that 


emerge from the dosets are about 
the invaders as well as the landlady. 

Massey perfectly represents the 
old landed liberal up against the 
thrusting conservative capitalists of 
the new religious transatlantic or- 
der. and “Grace" is in that sense an 
attack on the faith industry (“are 
they bonkers or just American?";, 
as well as on the notion that God 
can be successfully marketed by 
satellite (“We discovered a product 
gap and filled it with the Lord”). 

But like many of Lucie’s earlier 
plays, “Grace” is also about what 
has happened to Britain under 
Thatcherism: none of the charac- 
ters here emerges with very much 
credit, not even Massey, who is 
until the last willing to market a 
total fabrication if it will get the 
crumbling estate off her hands. In 
the end, doubt is all: as she says, 
anyone who thinks God is the an- 
swer must seriously have misunder- 
stood the question. 

Like Wertenbaker’s “Three 
Birds” at the Royal Court, “Grace" 
is that comparative rarity, an inves- 
tigation not only into the price at 
which Britain is currently bong 
sold but also into the cost, and it is 
brilliantly directed by Mike Brad- 
well who Hues up the residents 
against the invaders and then lets 
Massey and Laurenson slug out a 
baule for territorial as well as spiri- 
tual supremacy while their follow- 
ers gently fall apart at the seams. 

Written in (he 1890s but set back 
30 years. Pinero's “Trehrwny of the 
Wells" (at the Comedy) is the first 
great backstage play: it tells of the 
coming of the “new drama” of the 
destruction of the old mid-Victori- 
an actor-managers, of the rise of 
Lhe realist playwright Tom Robert- 
son, and of social barriers finally 
broken down between green room 
and drawing room. 

It is also of course a love story, 
telling of Rose Trdawny and her 
ill-fated crossing of the tracks to 
marry the upmarket Arthur Gower, 
much to the horror of his vice- 
chancellor grandfather in Caven- 
dish Square. As was established by 
a famous National Theatre revival 
30 years ago. the play offers almost 
a dozen excellent character roles 
plus one major lead, taken now by 
Sarah Brightman in her noamurical 
West End debut. 

She is however a curious choice, 
in that there already exist plans for 
the National to reslage “Trelawny^ 
in the spring with a nonsinger in 
the title role, and that there is a 
superlative Julian Slade musical 
version of “Tre lawny” that would 
have suited her much better and 


given us the chance to see both. As 
it is, we have to be content with the 
occasional offstage sound of 
Brightman’s remarkable voice, and 
an on-stage presence which is still a 
little hesitant. 

The production by Toby Robot- 
son and Frank Hauser does offer 
the sight of Sir Michael Hordern 
harrum phing his social displeasure 
at the arrival of the “gypsies” his 
son has Men for, and then Lhe 
heartbreaking moment when he re- 


calls his own theatrical passion for 
Edmund Kean. 

One or two of the other players, 
notably Oliver Cotton as the radi- 
cal dramatist and Margaret Cour- 
tenay and Peter Bayliss as the dd 
actor-managers on the way out, 
perfectly capture the mood of the 
piece, but in the rest of a large and 
starry cast both Jason Connery and 
Helena Bonham-Carter establish 
only that they should stick to the 
movies. 




Ronnie Moore and Stanslav Tchassov in a brilliant new production of “Carousel' 


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Brecker Brothers, Act II 


By Mike Zwerin 

httermmal Herald Tribune 


P ARIS — We live in the 
age of sequels. Welcome 
to the Brecker Brothers 
PanH. 

Randy and Michael Brecker are 
pillars of bebop, hip-hop-jazz, 
rock, fusion, rhythm and blues, 
Latin, World Music and just about 
any popular music style yon can 
mention. Both of them readily ad- 
mit that their new CD, “The Re- 
turn of Lhe Brecker Brothers” 
(GRP), is too tightly structured and 
studio and reck oriented to be 
called a jazz album. They readily 
admit to not much else. 

Interviews can either be infuriat- 
ingly superficial or an invigorating 
exchange of information. It takes 
two (or three) to tango. Investing a 
psychic minimum and then only 
when prodded, on the limit of sul- 
len, the Brackets appear to relate to 
the press as adversary. Their record 
company representative told me 
they’d played even harder to get 
with the French journalists. Per- 
haps they’ve been asked too many 
dumb questions, it happens. I’ve 
been handed a lot of dumb an- 
swers. I am left with the impression 
of two guys ducking. Whatever the 
image, judging from a recent color- 
less Down BeaL cover story, they 
are not in the habit of actively aid- 
ing in-depth portraits. What should 
have been a fugue was like a curric- 
ulum vitae recataL 
Trumpeter Randy played with 
A1 Keeper's original edition of the 
jazz- rock fusion pioneer Blood, 
Sweat and Tears. Jams Joplin, Hor- 
ace Silver, Cbeech and Chong, An 
Blakey and Jaoo Pastorius’s fabled 
Word of Mouth band. 

Michael came up with his broth- 
er in a fusion group called Dr eams 
and grew into an institution 
through solo stints with James Tay- 
lor, James Brown, Joni Mitchell 
Steely Dan and BroceSpringsteen. 
He began to play the Ewl (Electric 
Wind Instrument), a wind-driven 
synthesizer, with the high-powered 
electronic MIDI-intofaced group 


and toured with Paul Simon’s 
“Rhythm of the Saints” world mu- 
sic ensemble. 

They earned triple union scale as 
jack-of-afl- trade studio sharks until 
the entire species was annifiiiwtM 
by computers. Gradually forced to 
concentrate on their own music, the 
fusion-fneled Brecker Brother 
band recorded six albums before 
disbanding in 1982 and reformed 
after a decade on hold. 

You can estimate mnaaans' in- 
tdOrgeoce by their improvisations. 
Choree of notes, melodic inventive- 
ness, use of sDence and rhythmic 
complexity reveal a lot about mental 
capacity. Musically, the Breakers 
have both changed the landscape in 
their way. Verbally, however, they 
were only practicing arpeggios. 
They reminded me of bow superflu- 
ous I’d fdt when, eady in my career, 
I interviewed Zoot Suns, one of my 
heros. I realized that the way be 


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was the way he expressed his intelli- 
gence. Sock smart musicians are 
just not verbal 

Judging by the music, Michael is 
the mare lucid. He has in fact 
formed the generation of saxophon- 
ists which followed him (he is 43). 
Many young players today seem to 
believe that jazz history begins with 
Michael Breaker. At Jus brat he can 
be one of the most complete and 
exciting tenormen around His ca- 
pabilities are impressively displayed 
on Pat Metben/s ECM album 
“80/81," which also features Dewey 
Redman ou saxophone, drummer 
Jack DeJohnette and Charlie Ha- 
den, bass. A superior effort by fast 
company — worth a detour. 

Randy, 47, would seem to be 
more or a technocrat Qualified 
enough to be counted among the 
top of his profession, his trumpet 
playing is nevertheless on the face- 
less side. He could be any toe of a 
□umber of superior products of a 
basket of influences — MUra Da- 



Michael Brecker, top, and Randy Brecker. 


vis, Conte Candoll Fats Navarro, 
Gifford Brown, Lee Morgan. His 
chops are obviously superior on 
many levels, but who is the person 
blowing, the horn? .Wry is this man 
biding? On-stage, he takes cover 
behind hats and dark glasses. 

The new Brecker Brothers band 
(featuring Dennis Chambers, 
drums, and Mike Stem, guitar) win 
be touring on and off through the 
European summer festival season. 
In between and beyond, Randy is 
planning to go back into what he 
calls “my Brazilian mode” and to 
record some more jazz standards. 
Michael warns to explore new terri- 
tory, to take time off to study of 
West African bBoitsi music. 

B ASED on a churning 
12/8 beat, bikutsi is bong 
successfully exported 
from its native Cameroon 
by lhe African-punk group Les 
Tetra Brakes. Cameroonian bassist 
Annand Sabal-Lecco. who was on 
the Paul Simon tour and plavs on a 
bikntsi-style track on the Brecker 
album, told Michael that than are 
more than 200 dialects in Camer- 
oon, each with its own music. A 
basic tension of three against four 
is a constant, a tension which also 
permeates jazz. Michael who says 
he’s just beginning to scratch the 
surface, would like to look into it 
further and see where it takes him. 

And he’d like to play with Pat 
Metheny again. Like the Brackens, 
Metbeuy is something of a chame- 


leon who can shine under a variety 
of colon. They are professional in 
the hired-gun sense of the word. 
No, that’s oversimplifying. Think- 
ing this through while listening to 
the GRP album (which is on the 
“contemporary" — a euphemism 
for commercial — jazz (mart and 
rising), I thought of political con- 
notations. Like graduates of the 
Grandes Ecoles in France or career 
diplomats in the United States, 
they are capable of bolding top 
positions under any administra- 
tion. 

One way or another, they always 
make you at up and take notice. 
But there is also Lhe suspicion that 
they adapt to a variety of tenden- 
cies a smidgeon too easily, you 
wonder about commitment, they 
investigate rather than extend 
trends. They were in at the begin- 
ning of jazz-rock fusion, but John 
McLaughlin, Miles and Weather 
Report all look it deeper. And now 
they are back to it again. 

“The fact that we are able to play 
a lot of Styles helps,” says Randy. “It 
isn't forced, it's part of our makeup. 
And the brother thing hdps. People 
are naturally drawn to the family 
value thing. Subconsciously they 
just like that aspect- We started to- 
gether real young and listened to 
many different styles of music. It 
was a natural evolution. This band 
encompasses everything we’ve ever 
learned in one nutshell. So to 


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Enchanting Edwige Feuillere 


By Thomas Quinn Curtiss 

International Herald Tribune 


P ARIS — Edwige Fetril- 
lfcre, monstre saere 6t the 
French stage and screen, 
is delivering excerpts from 
her roles and recalling her experi- 
ences with authors and fdlow play- 
ers during her widespread career m 
an enchanting evening at the Tbfe- 
iUre de la Madeleine. 

A great and beautiful actress, she 
has triumphed as (he ideal Phfedre 
erf - Ratine, the gorgeous Courtisane 
of “La Dame anx camtiias,” the 
tragic empress of Cocteau's “L' Ai- 
de & deux t fetes” and who could 
forget her cry of renewed courage 
when she thundered her defiance 
— “Who mentioned the wheel- 
chair?” in Tennessee Williams's 
“Sweet Bird of Youth.” 


FeuiQfere, 85, made her debut as 
a member of the chorus to orna- 
ment one of Rip’s witty revues. 
After graduating from the Conser- 
vatoire she entered the Comfedie 
Fran9ai.sc and toured with the com- 
pany in Egypt. 

The Hakim producers proposed 
that she star in a film about Marthe 
Richard, the French secret service 
agent of World War I who allegedly 
reported the information that re- 
sulted in the arrest and execution of 
Mata Hart Raymond Bernard, the 
director and its star insisted that 
Erich von Stroheim play the Ger- 
man general entranced by Richard 
in Madrid who shot himself for his 
betrayal of mDiiary secrets. 

Giraudoux selected Feuiflfcre for 
his play, “Sodom and Gomorrah.” 
During its rehearsals she met a 
young beginner who had only a bit 




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part, but his face and voice im- 
pressed her. She demanded that he 
be promoted to play the archangel 
who announces the fate that will 
destroy the cities of the plains. His 
n a me was Gferard Phflipc nnrf sub- 
sequently they co-starred on a film 
version of Dostoyevsky’s “Idiot” 

Jean-Louis Barrault persuaded 
Paul Gaudd to allow him to stage 
his “Partagc de midi.” FemUfae im- 
personated Ysfe. drawn from a 
woman who had caused the pious 
poet to commit adultery. 

With all the glamor that she has 
bestowed on the theaterPojiHerc is 
a modest lady. Yet she has written 
an absorbing autobiography, “Les 
Feux de la rampe” andan excellent 
biography of Clairao, the 18th-cen- 
tury French actress who— like h« 

excelled as Phfedre and was Vol- 
taire's favorite. She appeared in all 
his plays and had at the Comfedie 
Framjaise, as her partner, I -strain, 
the most celebrated actor of his 
time. 

The mise-en-setoe for “Edwige 
FeuOIere en setae”, by Jean-Luc 
Tardieu is exceptional. FeuxUfere is’ 
viewed at the opening on stage and 


“ ” wa inuaur 

on her (890s hat flutters. Then she 
buns and conns fra wand in the 
grandiose old rags of the xnadwom* 
-an of.Chaillot Her only compan- 
Km is a tall dark page, the deaf and 
I dumb guide from- Giraudoux’s 
! comedy. 

When .she speaks of her departed 
companions their faces appear on 
the Curtains behind her. t ffliaii, 
Gferard Philqw, Pierre Bcasseor, 
Gmwlel von Stiiohdm and Jean 
Marais.- • 







ADVERTISING SECTION 




INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


Page I V 

ADVERTISING SECTION 


ti, 










SAXONY ; 

THURINGIA 

Population: 4.8 million. 

Population: 2.6 million. 

Area: 18,300 square kilometers . 

Area: 16,250 square kilometers. 

(6,975 square miles). 

Capital: Blurt (pop. 21 7,000). 

Capital: Dresden (pop. 501,000). 


Other major cities: Leipzig 


( pop. 51 0,000) , Chemnitz 


(pop. 301,000). 




MECKLENBURG-WEST 

POMERANIA 

Population: 1 .95 million. 

Area: 23.835 square Kilometers. 
Capital: Schwerin (pop. 130.000). 
Other major city: Rostock 
(POD. 250.000). 




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Orgen W. Mdllemann, Germany's vice chancellor and federal minister 
for economic affairs, appraises the current stats of German develop- 
ment in the following interview. A member of the Bundestag since 
1972. he was appointed federal minister of education and science in 
1987, a position he held until 1991. 












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Several business journals describe the 
current situation in Germany's new states 
as the beginning of the "era of consolida- 
tion" and the end of the "era of crash 
action. " Would you agree with that de- 
scription? 

No and yes. No. because the rapidity 
associated with the term “crash action" is 
still very much a feature of the develop- 
ment of the new states. In fact anywhere 
you took - the number of telephone con- 
nections, foe companies founded or priva- 
tized, foe kilometers of roads and rails 
revamped, the factories commissioned - 
the pace is actually going to pick up still 
more In 1 993. That is not surprising. Every- 
thing we have put in the pipeline during the 
first two-and-a-hatt years is coming on 
stream. 

Yes. because the work of restructuring 
or setting up the institutions - state and 
local governments, companies, courts, 
schools - has largely been accom- 
plished. These institutions now have a cou- 
ple of years of experience under their belts. 
Now it is more a question of expanding, 
fine-tuning and seeing what still has to be 
done. 

Recently, a number of major companies 
announced cutbacks on their capital pro- 
jects in the new states. Are you still opti- 
mistic about investor interest in the region? 

Dozens of press releases - many with 
ambitious plans for expansion, others an- 
nouncing cutbacks - land on my desk 
every day. They run about three- to-one for 
expansion, at latest count. Announce- 
ments do not detail trends - the facts do. 
And the facts speak for an unprecedented 
transfer of capital to the new states. This 
year, the public sector transferred 126 bil- 
lion Deutsche marks [$79 billion] net to the 
East, up 18 percent over 1991. Sixty per- 


cent of that 1 26 billion DM went into infra- 
structure, plants and education. 

Even more pertinent is the commitment 
by the private sector. Companies have 
allocated 80 billion DM to the new states 
this year - that’s up 60 percent over 
1991 . There are many more facts. Includ- 
ing the nearly 30 billion DM that non- 
German companies have put into the new 
states and the several Wilton marks invest- 
ed by local companies In their areas. And 
there are going to be many more an- 
nouncements in the newspapers, good 
and bad. But to really determine what is 
going on, to appreciate how a transforma- 
tion of this size occurs, you have to go to 


1 The public sector 
transferred 126 
billion DM to the 
East, 60 percent of 
which went into 



plants, education 
and infrastructure' 


where it is happening. You have to spend 
some time in Eisenach and Dresden and 
Leona and Neubrandenburg and Potsdam 
and see the factories being built, the tele- 
phone booths and power lines gang up. 


Mr. M&lemann: "Public-sector 
support is strong." 

In view of the slowdown in Germany's 
western states, are toe economies in the 
new states recession-proof? 

The slowdown Is not coming at an op- 
portune time for either the old or foe new 
states. After 10 years of solid growth, a 
slowdown was, of course, inevitable. How- 
ever, a very large portion of the new states’ 
gross domestic product comes drectfy 
and indirectly from the public sector. This 
strong support Is set to stay at its present 
high levels over the next few years, long 
enough to see the region through any 
period of economic weakness in the West. 
In fad, the new states’ GDP is forecast to 
grow by 4 percent in 1993. 

You are part of the team presiding over a 
massive economic and social transforma- 
tion. Did you ever have the hankering to 
step in and do some hands-on changing in, 
for example, a company? 

As you may know, I am not a total ama- 
teur when it comes to business. Before 
getting into politics, I owned a public-rela- 
tions agency. I liked the work and found It 
satisfying. What strikes me about foe last 
two-and-a-half years since unification Is 
how much we've been learning - people 
in the old states, in the new states, busin- 
esspeople, engineers, even politicians - 
about how things and systems are to be 
changed. And this change comes about, of 
course, through the relating of new ideas 
and techniques and the comparing of ex- 
periences. I see a challenge- < ure, some- 
thing to be pursued in foe new states. That 
type of activity would interest me very 
much. ■ 


Massive Investments 
In People and Industry 
Begin to Pay Off 


O 


ctober 1992 marked the beginning of Year Three in foe lives 
of Germany's new states. Desf. ,e the recession in the West, 
investment in the new states continues to gather steam, and 
the returns from foe first two years' endeavors are mani- 
festing themselves in positive economic statistics. 


In a cautiously promising year tor Germa- 
ny's new states, October kicked off a very 
good quarter. At foe beginning of the 
month, it was revealed that total domestic 
orders received by the manufacturing sec- 
tor in the new states jumped 13.5 percent 
in September, with non-German orders ris- 
ing 26 percent. Shortly thereafter. Germa- 
ny's panel of leading economists - foe 
"five wise men" - announced that the 
gross national product of the new stales 
was on course to grow by 7 percent for 
1992. 

A week later, a poll conducted by foe 
Deutsche Industrie-und-Handelstag (the 
German federation of industry and trade) 
revealed that, notwithstanding the reces- 
sion in the West, three-quarters of the 
companies active in foe region planned 
neither to curtail their capital investments 
nor to lay off workers, with 36 percent 
actually planning to expand productive ca- 
pacity and 20 percent to add on employ- 
ees. 

Eighty percent of all companies sur- 
veyed graded business as being satisfac- 
tory or better. 

Most encouragingly, both foe rates of 
unemployment and underemployment had 
fallen substantially in September, indicat- 
ing that foe service and trades sectors’ job- 
creating machines were beginning to show 
results. 

Figures from Germany’s new states are 
both hfghfy volatile and only partially reli- 
able. October's statistics, however, were 
corroborated by subsequent reports. The 
net number of companies founded in the 
region has continued to grow strongly: 
Between 8,000 to 10,000 new companies 
are created each month. With 110 billion 
Deutsche marks ($69 billion) , the region's 
share of national capital investment for all 
of 1992 has amounted to nearly 26 per- 
cent, almost twice 1991’s figure. The 
Bundesbank released figures showing that 
net worth per capita in foe new states had 
risen 50 percent over foe past two-and-a- 
half years. October’s rata of inflation was 3 
percent (as calculated on an annual ba- 
sis), sharply down from September's 13 
percent. 

All this cheering news does not mean 
that the wrenching, expensive processes 
of social, economic and political transfor- 
mation are heading toward their final 
phases, nor does it mean that ail regions, 
social segments and business sectors are 
profiting evenly from this upswing. Further, 
it does not indicate that this multibillion- 
Deutsche-mark project is effortlessly un- 
folding according to a minutely calibrated 
timetable. Miscalculations have been 
made In abundance, not all officials have 
proven themselves equal to their new re- 
sponsibilities, and a good sprinkling of get- 


rich-quick ‘'cowboys" have abused invest- 
ment support and other business-incentive 

funds. 

What foe statistics do indicate is the end 
of the "crunch era." in which old systems 
were being dismantled or falling apart and 
the new ones were being installed. They 
also show that during this phase, by and 
large, the new states' residents have even 
prospered somewhat. 

One indicator: After initial astronomical 
hikes in 1990 and 1991, the number ot 
people vacationing outside ot Germany 
has increased a further 25 percent this 
year. 

During the past two-and-a-half years, 
despite foe need to compensate tor fac- 
tories closing and to fill empty municipal 
coffers, an unprecedented 60 percent ot 
all funds allocated to foe new states has 


Germany’s leading 
economists 
announced that the 
new states' GDP 
was on course to 
grow by 7 percent 
for 1992 


gone to their future: roads, education pro- 
grams, electricity lines and manufacturing 
facilities. 

The private sector has invested 30 billion 
DM in the region, with another 130 billion 
DM set to follow. That figure, of course, will 
be influenced by the speed of the econom- 
ic recovery in the West. 

To present-day Germany, beset by eco- 
nomic and social worries, autumn 1992's 
figures tell a simple, heartening story: This 
massive investment in the new states' hu- 
man and physical capital is starling to pay 
off. 

One beneficiary will be the German fed- 
eral government itself. According to Co- 
logne's authoritative instltut der deutschen 
Wi rise haft ( Institute of the German Econo- 
my). tax receipts from the new federal 
states are expected to grow by 1 6 percent 
in 1993. ■ 


This advertising section was produced in its entirety by foe supplements division ot 
the International Herald Tribune's advertising department. • It was written by Terry 
Swartzberg. a Munich-based free-lance writer, and sponsored by the Bundesminis- 
terium fur Wirtschaft (Federal Ministry ot Economics). 










Pa ' 


Pape 12 

ADVERTISING SECTION 

: AN EFFECTIVE 
EDUCATION 


There are two parts to Germany’s 
widely admired dual-education 
system: vocational schools, where 
young trainees learn occupational 
skills, and companies, where they 
put them into practice. 

Both pans of the dual-education 
system were missing in the new 
states only two-and-a-half years 
ago. the former East Germany's 
vocational-training system was 
structured in an entirely different 
way. The fact that 108.000 young 
people in the new states ( some 95 
percent of all those expressing an 
interest m the system 1 are current- 
ly enrolled in the region's dual- 
education system must be regard- 
ed as a major triumph. Mechanics 
and electricians are favorite future 
professions for young men. while 
young women express a prefer- 
ence for sales and office profes- 
sions. 

Not that standard, academic 
education is being neglected in the 
East. While most high schools 
were undergoing a painful reori- 
enting process of re-evaluating 
staff members and selecting new 
curricula and textbooks, the stu- 
dents themselves have proven to 
be highly adaptable. 

The education industry has re- 
cently embarked on a second 
phase of growth. The sudden 
surge m demand for classrooms 
and teachers in 1990 and 1991 
produced a number o( unscrupu- 
lous. short-lived "management 
schools" and "technology-training 
centers." State authorities then in- 
stituted strict accreditation and su- 
pervising procedures. 

Today, the growth leaders bear 
the names ATIS and TINA. At the 
region's innovation and technol- 
ogy-transfer centers, there are nei- 
ther teachers nor students, only 
senior and graduate researchers. 
Progress is measured in patents 
received, not grades. 

The 13 existing centers have 
been so successful that, according 
to the German business weekly 
Wirtschaftswoche, some 23 more 
are set to be founded. There is no 
shortage of researchers to staff 
them Some 85.000 scientists and 
technicians were employed in the 
lormer East Germany's laborato- 
ries and test centers. ■ 


CRACKING 
DOWN ON 
VIOLENCE 


Cities, states and the German fed- 
eral government have launched 
far-reaching measures to halt fur- 
ther outbreaks of right-wing vio- 
lence. Meanwhile, a parallel series 
of economic and cultural initiatives 
has been launched to build on the 
region’s tradition ot tolerance and 
peace. 

It has not been a good year for 
nonviolence and cwl peace. A riot 
laid waste to pan of Los Angeles; 
ethnic wars have been tearing 
a pan Yugoslavia. Afghanistan and 
■dozens of other countnes. In Eu- 
rope, small groups of fascists and 
neo-Nazis have launched attacks 
against foreign minorities, whether 
these minorities be North Africans 
in France. African peddlers in Italy, 
or Gypsies and Vietnamese seek- 
ing asylum and Turks living in Ger- 
many. 

Because of its past. Germany is 
the object ot special concern. The 
country's present and future very 
much depend on the progress re- 
corded by its new states, and it is 
there that some ot the worst inp- 
denis have taken place. 

These are the same states and 
tne same people that staged the 
world's first truly nonviolent revolu- 
tion only three years ago, and 
these same states have been wel- 
coming hundreds of thousands ot 
Poles and Czechs, commuters and 
shoppers, each day since then, 
with only a few incidents. It the 
willingness to spend one’s vaca- 
tion or get one's automobile fixed 
or hold one's wedding banquet in a 
neighboring country is an indicator 
of tolerance, then a vast majority of 
the new states' residents must be 
considered xenophiies. 

This is. of course, not the time tor 
categorizing populations or investi- 
gating causes. Urgent, determined 
action is needed, and Federal Min- 
ister of the interior Rudolf Seiters 
and his state and local colleagues 
are acting. 

At the end of November, mem- 
bership m a number of neo-Nazi 
organizations was declared a 
crime. Marches by right-wing ex- 
tremists have been routinely 
banned throughout the country 
since mid-October. In making this 
ban stick, local authorities have 
availed themselves of beefed-up 
police forces and stricter sentenc- 
ing practices. To forestall future 
incidents, police have been sys- 
tematically raiding suspected cen- 
ters of "right-wing terror" through- 
out the country. 

Germany’s President Richard 
von WeizsScker, put it very simply: 
"This state will protect the foreign- 
ers in its midst." 





INTERNATIONAL IIERAU) TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


Investment Incentives 
Boost Private Sector 






- - - ■ 


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Opel factory: Automobiles anchor the region's economy. 

The Multiplier Effect 
In the Automobile Industry 




y 1995, if all goes according to plan, 500,000 automobiles will be 
produced each year in Germany's new federal states, according 
to VDA, Germany's automobile industry federation. These auto- 
mobiles represent the vanguard of a -born-again' automotive 
engineering sector in the region. 


The automotive engineering sector in the 
eastern part of the country Includes heavy- 
duty trucks from Gotha, motorcycles from 
Zschopau and state-of-the-art compo- 
nents from all over the - region. The 10 
billion Deutsche marks ($6 billion) set to 
be invested in the automotive sector of 
Germany's new states over the next three 
years Is a European record. 

There were beaming faces all around in 
Eisenach on Sept. 23, 1992. Chancellor 
Helmut Kohl, who cut the ribbon at Opal's 
new facility, pointed out that 3,000 jobs 
were produced (directly and indirectly) by 
the 1 billion DM investment. Opel execu- 
tives were witnessing the final step of a 
high-stakes project started 10 months be- 
fore German unification. 

Some two dozen Eisenach-based sup- 
pliers, ranging from a subsidiary of the 
Lear Seating Carp. (Southfield, Michigan) 
to a local engineers' office, watched In 
satisfaction as the first of what is to be 
1 50.000 meal tickets a year rolled off the 
assembly line. For city fathers, Opal’s fac- 
tory meant the welcome end of the Wart- 
burg era, in which Eisenach was synony- 
mous with the manufacturing of East 
Germany's top-oMhe-line automobile. 

In March 1992, after a lapse of nearly 
five decades, BMW resumed operations in 
Eisenach, but this time, not as a manufac- 
turer of 1929’s "Dixi" or 1992’s "7" se- 
nes, but rather as a components producer. 
BMW's factory supplies machine tools and 
press ed-metal parts to both company fac- 
tories and third parties. Eisenach reaps 
1 20 million DM in investment and 1 20 high- 
ly skilled jobs. 

BMW is part of what economists like to 


call the multiplier effect: Each Deutsche 
mark invested or job created by an auto- 
mobile manufacturer produces between 
four to eight others for national economies 
because of the decentralized nature ot the 
automobile industry. Nowadays, In-factory 
manufacturing Input accounts for only 20 
percent to 50 percent of an automobile's 
total value. The rest is supplied by compo- 
nents manufacturers and service provid- 
ers, which are themselves consumers of 
parts, machines and services. Another 
corollary; the better the local transport and 
telecommunication links, the greater the 
multiplier’s effect on local communities. 

VWs new automobile factory in Mosel, 
Just outside the small Saxon city of Zwick- 
au, is a case in point. Responsible for two- 
thirds of the company’s 4.6 billion CM 
investment in Germany’s eastern states 
and originally set to manufacture 250,000 
Golf Ills a year, the new factory will be 
supplied by 40 components manufacturers 
- Including such well-known names as 
VDO, Berrteter and Britain’s GKN - locat- 
ed within 50 kilometers of the plant. 
Thanks to their ability to assure "ultra- 
lean" delivery times by using newly built 
and upgraded roads and rail lines, VW 
Mosel's manufacturing input will amount to 
only 26 percent 

The result: a multiplier of between five 
and seven, depending on how it is calculat- 
ed. In the new states, some 35,000 per- 
sons will be working directly and Indirectly 
tar VW in manufacturing, sales and com- 
ponent manufacturing by 1994. Another 
11,000 persons, employed by 76 local 
components manufacturers, will build 
parts for VW on a nonexclusive basis. ■ 


Pioneer Days Are Over 
For Financial Sector 


T 


he financial sector in Germany's new states has thrived from the 
very start. Today, according to the Bundesbank, a region-wide 
network of banks manages 171.4 billion Deutsche marks ($107 
billion) in funds, of which 161 billion DM stem from the new states' 
companies and consumers. 


At a price of 3 billion DM. Deutsche Bank 
has purchased (or rented), staffed and 
equipped 330 offices in Germany's new 
states. There are now 181 communaJly 
owned Sparkassen (savings banks) blan- 
keting the five states and East Berlin. 

"Money palaces in the inner city" read 
the headline of a recent architectural cri- 
tique in the "Suddeutsche Zeltung " The 
subject was the aesthetic merits of the 
gleaming pubtlc-sector bank headquarters 
spnnglng up in the new states' capital 
cities. 

Over the last two-and-a-half years, there 
has been one constant in the region's 
financial -services sector: the relatively 
large amount of money the new states' 
residents had to save - and their willing- 
ness to do so. 

This thriftiness had historical roots. For 
lack of attractive consumer goods and 
travel destinations, East Germans were big 
savers. With the advent of the economic 
union between the two halves of Germany, 
well more than 100 billion (East German) 
marks became 1 20 billion DM - the start- 
up capital tor the new financial sector. 

( Today, residents in the new states save 

1 2 percent of their incomes, as opposed to 

13 percent in the West. Thanks to transfer 
payments from the West and strong, seif- 
generated economic growth - and after 


allowing tor a 13-percent rate of annual 
Inflation - these incomes have grown by 
40 percent per capita, with pensioners re- 
cording a 75-percent rise in Income. All 
told, living standards In the five new states 
have improved considerably. 

Much of this collective financial power 
has been "recycled" by the region's 
banks. Nearly all of the 92 billion DM out- 
standing in loans made by the region's 
banks has gone to its private sector, in the 
form of "seed" capital for new companies 
and consumer credit. 

While the private banks have been rapid- 
ly expanding their networks - by the end 
of 1993, 47 banking groups will have over 

1.000 bank offices employing more than 

20.000 persons - it is the brokerage 
houses that have been recording the great- 
est increases. 

in a geometric increase over the past 
two-and-a-half years, there are now an 
estimated 600,000 people in the new 
states who own stocks and bonds. Their 
holdings are worth well over 10 billion DM. 

The Sparkassen and other public-sector 
banks have kept pace with their private 
counterparts' growth. The Sparkassen 's 
impact on the new states has been consid- 
erable, especially in the all-important hous- 
ing sector. In 1991 alone, these savings 
banks authorized mortgages worth 29 mil- 
lion DM to homeowners. ■ 


s 


inoe 1990, private-sector investors in Germany's five new states 
and in East Berlin have received 63 billion Deutsche marks (S39 
billion) in support from the German federal government alone (as 
of June 30, 1992). More than 13.3 billion DM of that has gone to 
start up new companies. 




To- 


other sources of private-sector resources 
are portions of the 6 billion DM the Europe- 
an Community has allocated to the coun- 
try's new states, as weU as the 140 billion 
DM the Treuhand has spent on revamping 
its 14,000 companies. 

Ninety thousand of the 530,000 compa- 
nies constituting the region’s private sector 
were founded during the first nine months 
of the year. Two cheering statistics: Wom- 
en head about 35 percent of the region's 
"young" companies; on an average, each 
new company has generated an additional 
five jobs, up from 4.4 only nine months 
ago. 

Also included in the private sector are 

65.000 doctors, dentists, architects, veteri- 
narians, pharmacists and other self-em- 
ployed professionals now practicing in the 
new states and East Berlin - up nearly 

50.000 over the 1989 figure. More than 
half of these new companies and profes- 
sionals made use of the following invest- 
ment-support instrumentalities to set up 
their factories, workshops and offices: 

For greenfield projects: 

• Investment subsidies amounting to a 
maximum of 23 percent of total project 
value may be drawn upon. Etgibie tor this 
type of funding are buildings and other 
facilities; excluded is property. Nonresi- 
dent Investors may also avail themselves of 
grants defraying up to 8 percent of the 
purchase price of machines and other cap- 
ital stock; tor local residents, the amount 
has been raised to 20 percent. Excluded 
from this item are automobiles or airplanes. 

• Special depreciation credits: These 
are reckoned at 50 percent of net project 


value (after deducting investment-support 
funds) . spread over five years and supple- 
menting regular depreciation schedules. 

• Temporary corporate and capital- 
gains tax exemptions and holidays are 
awarded on a case- by-case basis. 

• Investors also benefit from regional 
and local grants for site demarcation and 
improvement, and for the construction of 


Temporary corporate 
and capital-gains 
tax exemptions 
and holidays 
are awarded 
on a case-by-case 
basis 


water- and power-supply lines, sewage- 
treatment systems, roads and other kinds 
of Infrastructure creation and improvement 
projects. 

For purchasers of Treuhandanstalt com- 
panies: 

• Investment reorganization and expan- 


Non-German Investors 
Are Very Much at F[ome 


B 


y now, Alan Phillips, Barry Hylton-Davies and their colleagues 
know Spremborg, KOnigsee, MaJtitz and Wemigerode very well. 
These expatriate executives have learned where to find these 
communities on a road map, which perhaps 90 percent of all 
Germans would have difficulty accomplishing. 


These foreign executives have struck up a 
deep and practical Intimacy with the com- 
munities' gas and water lines, grocery 
stores and landfill sites. In flawless or 
shaky German, they have worked out the 
nuts-and-bolts details with mayors, plan- 
ning commissions and utility executives in 
Germany's new states involved in building 
day-processing factories worth several 
hundred thousand Deutsche marks and 
chemical plants worth several billion. 

Non-German companies from 31 coun- 
tries have committed themselves to invest- 
ing 14.7 billion Deutsche marks ($9.2 bil- 
lion) m Treuhandanstalt companies. 
Treuhand president Birgit Breuel points 
out, however, that this figure is both out of 
date and woefully incomplete. The figure 
does not cover "greenfield investments" in 
the eastern part of the country or those 
investments made via the TLG, the Treu- 
hand 's real-estate subsidiary. It raters only 
to initial investments, not to further, follow- 
up ones. Additionally, only direct Invest- 
ments in the new states from abroad are 
included. Missing, for instance, are IBM 
Deutschland's investments in the new 
states. Finally, a sale is only counted by the 
Treuhand when all contracts have been 
signed, approved and notarized. 

Actual non-German Investment should 
be approaching 26 billion DM, maintaining 
its traditional 13-percent share of total in- 
vestment in the eastern part of the country. 
Confirmation comes from the "national" 
totals compiled by the Dutch and Belgian 
chambers of commerce in Germany, 
which show Investment at levels 50 per- 
cent to 90 percent higher than the Treu- 
hand’s figures tor their particular coun- 
tries. 

More Impressive than the figures' scale 
is the scope and depth ot activity associat- 
ed with them. According to the latest 
count, 14 major non-German companies 
and non-German-led consortia are now 
providing water, gas and other "public 
goods" in the eastern part of Germany. 
British Gas Deutschland, Mr. Phillips' em- 
ployer, tor instance, is active as an inves- 
tor, holding stakes In three natural-gas- 
supply companies. The company also 
serves as a technical contractor for the 
installation and renovation of natural-gas 
systems throughout the region and as a 
project manager for an Innovative kind of 
neighborhood heating system being intro- 
duced in Thuringia. 

Through nearly 100 newly founded and- 
acquired subsidiaries, 31 non-German 
companies are building roads, bridges and 
overpasses, stringing electricity Fmes and 
conducting water, air and site audits in the 
region. Mr. Hylton -Davies has managed 
British-based John Mowlem's expansion 
into the new states. The company's sub- 
sidiaries ..acquired from the Treuhand 
are now active in everything from revamp- 


ing water-supply systems to building high- 
rises. 

Foreign-investor interest ranges from 
the gritty (a Turkish company's takeover 
of a slaughterhouse in Falkensee) to the 
glamorous (a billion-mark purchase, led 
by the Compagnfe Generate des Eaux, of 
the DEFA film studios). The investor mix 
includes low-tech undertakings (a Swiss 
corset factory acquired a counterpart in 
Saxony-Anhatt); high-tech ones (Ameri- 
can Integrated circuit manufacturer LSI 
Logic’s new facilities in Thuringia); and 
state-of-the-market ventures (Samsung's 
production of color televisions in East Ber- 
lin). Office and commercial parks, shop- 
ping centers and other staples of high- 
flying international capita! are also well 
represented. The largest include the devel- 
opment of the Friedrichstadt passage area 
(Tishman Speyer. Galeries Lafayette, 
Bouygues) in East Berlin and Horsham's 
business park in Brandenburg. But it Is in 
such disparate cities as Scharfenstein, 
Leuna and Rostock that both the need for 
and the impact of the "foreign billions" 
become starkly apparent. 




i i ... 

' • - - : ' * 



.-•X. * “ 


The Investment act France's Compagnie 
Sim studios. 

On Nov. 24, 1992, the world's newspa- 
pers reported a story with a last-minute 
reprieve and a happy end. A buyer had 
been found for dkk Scharfenstein GmbH 
'LL., the struggling appliance producer, as- 
suring that the world's first "eco-refrigera- 
tor" would be produced. This revolutionary 
product dispenses with freon and other 
ozone -depleting CFCs. it had been devel- 
oped with the midwifery, of Greenpeace, 
which provided dkk with the Initial design, 
and the Treuhand, which kepi dkk afloat 
until a buyer could be found. * 

For 1 12 million DM in cash and invest- 
ment commitments, Foron Unterneh- ' 
mungsbeteiligungen GmbH became dkk's 
new owner Lead company in this Berlin- 


r 

: . 

»• ^ 


Generate des Eaux bought Berlin's DEFA 

building industry and the anchor of the 
entire region. As an allegedly nonviable 
competitor In an industry facing a satiated 
market, Rostock and its shipyards were 
being routinely described as a "coming 
industrial wasteland" by Germany's busi- 
ness magazines. 

To make the Wamow shipyards an at- 
tractive partner, the Treuhand assumed 
the company’s old debts, outfitted it with 
working capital and provided participation 
plans insuring Kvaemer. the purchaser, 
against undue losses or interest costs To- 
tal funding was about 2.7 billion OM.' Re- 
sult: "An area, of hope" is how Capital 
.magazine recently described the Rostock 
area. _ 


advertising SECTION 

yon sup port comes to a maximum ol 15 
perceni (in some cases. 20 percent* of 
the purchase price This grant cannot be 
applied to the purchase rtseff. Purchasers 
can negotiate releases from liability tor the 
company's old debts and environmental 
practices Other measures are the same as 
above. 

For new companies: 

• Newly founded companies can avail 
themselves of the greenfield instrumental- 
ities fisted above. Two special programs 
also provide these companies with long- 
term, low-interest, unsecured loans of up 
ro i million DM each. Loans made by the 
fledgling company's "Hausbank" and fi- 
nanced by the public-sector Deutsche 
AusgleichsoanK go to outfit the company 
with equity capital; credits from the Euro- 
pean Recovery Program are applied to 
building, acquiring, equipping and ex- 
panding facilities and property, as well as 
to environmental-protection systems. 

For all small and medium-sized compa- 
nies: 

• Germany's public-sector Kreditanstalt 
fur Wiederaufbau (KfW) also provides 
low-interest, long-term, deferred repay- 
ment loans of up to 10 million DM tor 
companies whose annual turnovers do not 
exceed 1 billion DM (exceptions are made 
for companies with annual sales of 100 
million DM or less). 

• Alt these loans feature low self-financ- 
ing ratios (maximum: 40 percent) and 
high degrees of financial coverage: up to 
three-quarters of a company's total invest- 
ment needs. 

• An important rule of thumb: the small- 
er the company and the more "valuable" 
its area of activities, the more flexible the 
loan guidelines. An example: the upper 
limit of ERP eligibility is 500 million DM for 
companies active in environmental protec- 
tion - 10 times higher than the program's 
normal ceiling. 

For all companies: 

• Many companies in Germany's new 

states are riot "credit-worthy," as they 
have neither adequate collateral nor prov- 
en products. The country's "Burgschafts- 
banken" (guaranty banks) provide surety 
for loans of up to 20 million DM and be- 
yond. Companies setting up new jobs or 
vocational training programs can avail 
themselves of a wide range of funds, as 
can enterprises in the agricultural, tourist 
and high-tech sectors. ■ 


based consortium vehicle Is the East Ger- 
man investment Trust, a London-based 
venture fund- With 19 equity stakes and 
1 42 million 0M in commitments and funds. 
EGIT Is the largest supplier of venture capi- 
tal in Germany's new states. Other partici- 
pants In Foron include the Kuwait Foreign 
Trading Contracting and Investment Com- 
pany. 

Lost in the hubbub about the market 
possibilities for the new refrigerator 
(20,000 units have already been ordered) 
and EGfTs swath of innovative invest- 
ments was the fact that, as part of the deal. 
950 Jobs were saved — 450 atone at 
Weschgerate GmbH Schwarzenberg i.L., a 
manufacturer of washing machines includ- 
ed in the dkk package. 

That was the salient point for the resi- 
dents of Scharfenstein and Schwarzen- 
berg. The jobs - and T reu hand-organized 
work programs tor 1 ,000 more people - 
represent economic survival tor their two 
little towns in southwestern Saxony. 

Although the effect of foreign Investors’ 
actions is highly commendable, altruism is 
not part of the mix of motives Impelling 
them to play "community-savers." Unim- 
peded access to the European Communi- 
ty’s single market brought OMV, Austna’s 
state-owned petroleum and chemical pro- 
cessor, to set up shop in Leuna, which is 
located in the southeastern comer of Sax- 
ony-Anhalt. A few kilometers down the 
road in Halle, a rare chance to get a jump 
on its West German competitors led 
Thames Water PLC to acquire a whole 
series ol water-service companies, thus 
secunng nearly 1,000 jobs. 

Sometimes a purchase results from the 
German government's determination to 
preserve a region's economic base - and 
Its willingness to allocate the funds to do 
so. The Warnow shipyards In Rostock 
were the center of the new states' ship- 






INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


Page 13 




V-“ 


ADVERTISING SECTION 


ADVERTISING SECTION 


Realty Projects 
Flourish in Leipzig 


he demand for and Hie supply of large-scale commercial develop- 
ments located on city peripheries are at an all-time high in 
Germany's new federal states. Even more sought after is inner- 
city real estate, but this often involves overcoming hundreds of 
restitution claims. 



A new law Is untangling the skeins of resti- 
tution claims, and new ownership and fi- 
nancing models may unblock the dogged 
residential property sector. 

One of early November's most news- 
worthy stories was missed by much of the 
world's press, who were busy reporting on 
the projected cancellation of a 200 million 
Deutsche mark ($125 million) truck fac- 
tory. Over the next 10 years, In a 3.5 billion 
DM investment financed by Munich's 
Bayertsche Hypothekenbank, a new com- 
munity wilt come Into being some 14 kilo- 
meters (9 miles) west of Leipzig. Grossku- 
gel, named after a village In the vicinity, will 
Integrate both commercial and residential 
use, ecology and infrastructure; its 1.45 
million square meters will house 8,000 in- 
habitants and companies employing 7,000 
persons. 

Perhaps the newspapers had simply 
grown tired of reporting on what was the 
41st major real-estate development in 
Leipzig, a city of some 500,000 residents. 
Other developments Include the Saale- 
park, set to be Germany's largest shewing 
mall; the Leipzfg-Wahren logistics center 
(4 mlllton square meters); the Wetdenweg 
business park (4.2 million square meters); 
the MDZ (2.1 minion square meters, in- 
cluding technology and media centers and 
a four-star hotel); and Mockau-Seehau- 
sen, whose 3 million square meters will 
house the city's new trade-fair grounds, a 
central distribution facility for Quelle (Ger- 
many's largest mail-order retailer) , as well 
as several hotels, shopping centers and 
office complexes. 

Does all this add up to a boom in Leip- 
zig? As Leipzig Is widely regarded as a 
microcosm of the new states 86 a whole, 
toe question is of vita! importance. 

The answer is: not yet, and certainly not 
in every real-estate sector, according to 
Douglas Hoioch of Jones Lang Wootton, 


toe International real-estate company. He 
points out that it will take time for all these 
projects to be approved and realized. Dur- 
ing the next year, some 85,000 square 
meters of commercial space will be let, 
enough to satisfy pent-up demand - Leip- 
zig has only one-tenth toe office space of 
comparable West German cities. This new 
space will suffice to introduce reality into 
what had been a scarcity-driven, over- 
blown market, in toe opinion of Dieter 
Deissler, head of JLW’s Leipzig office. 

After 1995, in a novelty for the eastern 
part of Germany, there may very well be an 
overabundance of space, creating a buy- 


During the next 


year, some 85.000 


square meters of 


commercial space 


will be let. 


enough to satisfy 


pent-up demand 


ers' market and a shakedown between 
viable developments - those with good 
transport links and central locations - 
and less viable ones. How large the supply 
of business-park real estate can get is 
shown by the neighboring state of Bran- 
denburg. At latest count (not including 
singleowner developments), 880 busi- 


ness parks with a total area of 95 million 
square meters had been registered with 
governmental authorities. Of those parks, 
339 with a total area of 84.3 million square 
meters had received Initial approval. 

One hope, according to Angermann, 
one of Germany's leading realtors, Is that 
the new supply of commercial real estate 
mil relieve the chronically depressed resi- 
dential market. At toe moment, for lack of. 
suitable space, many of the city's prime' 
villas and apartment complexes are being 
used for offices. Many of the new develop- 
ments come equipped with residential 
units. 

Aside from that, only toe new ownership 
and finance models proposed by Federal 
Finance Minister Theo Weigel and other 
leaders offer any hope of revitalizing this 
market; in which toe number of living units 
(apartments and houses) started is cur- 
rently running slightly below 1990 levels. 

Although higher than they were before 
unification, rents are still too low to provide 
Investors with much incentive to purchase 
Leipzig's 260,000 apartments, two- thirds 
of which require urgent, massive renova- 
tion after four decades of neglect. One 
plan is to let occupants, high in motivation 
and very short on cash, acquire their own 
units through a combination of long-term 
loans and sweat equity. 

As Hie sudden flood of projects would 
Indicate, a way has been found to deal with 
restitution claims, which once hamstrung 
both the real-estate market In both Leipzig 
and in Germany's new states as a whole. 

It Is not that the restitution problem has 
gone away: Only 8 percent of toe 1.7 
million claims for toe return of property or 
buildings have been processed. Prime 
properties in Berlin and Dresden are at- 
tached with up to 800 claims. But thanks to 
Paragraph 3a and Its successors (current- 
ly Paragraph 3, Article 6 of July 1992's law 
granting precedence to investment) , a res- 
titution claim does not necessarily hinder 
investment 

The paragraph, first Incorporated Into 
Germany's property rights law in March 
1991 and successively beefed up after 
that, Is simple In Its thrust. A project is 
granted "right of way" over restitution if 
the project will provide greater benefit (in 
terms of Jobs created or amount Invested) 
than toe return of a property to its original 
owner would. In such cases, the original 
owner receives cash compensation. 

Key to Leipzig's situation Is a little-no- 
ticed Item In toe July 1992 law. Project 
developers can petition to have all restitu- 
tion claims bundled together and pro- 
cessed in a single hearing. ■ 



The development area on the outskirts of Berlin features excellent transportation links to Leipzig, Chemnitz, Dresden, Magdeburg 
and other urban centers. 


Tying Economic Change 
T o the Environment 



ommunitles, agencies and Innovative programs have made 
environmental protection an innate part of economic growth in 
Germany's new states. The environmental damage in the 
region was enormous, but toe progress made and the opportu- 
nities created have been on toe same scale. 


As any resident In or visitor to toe new 
states In late 1990 and early 1991 can 
attest the eastern part of Germany had 
Immediate, serious environmental prob- 
lems. The air was chokingly bad, the water 
undrinkable, and toe rivers were often un- 
imaginably polluted. There was a problem 
with toxic waste - how large ft was and 
how many thousands of sites were in- 
volved, no one knew. 

These days, the air Is good In East Ber- 
lin, Halle and Dresden - or at least as 
good as It is in West Berlin, Paris, Barcelo- 
na and any other major city on this auto- 
mobile- and industry-ridden planet. The 
amount ot sulfur dioxide and nitric oxide in 
the region's air has been halved. You can 
fish In the Elbe River these days, although 
you would not want to swim In It. Some 
60,000 waste sites have been catalogued. 
The 1,200 “hot spots" are being cleaned 
up. 

Over toe past two-and-a-half years, B.5 
billion Deutsche marks ($5.3 billion) have 
been spent by the German federal govern- 
ment and toe European Community on 
1,850 projects: installing sewage systems, 
new water lines and exhaust filters. The 
amount of additional outlays by regional 
and community authorities and the private 
sector are unknown, but they are estimat- 
ed to be at a similar level. 


Money was not toe only factor causing 
this remarkable turnaround. Also playing 
key roles were, surprisingly, economic bad 
luck and a forgiving environment. 

The sudden, unexpected collapse of 
East European markets caused a drastic 
drop in orders received by the new states’ 
manufacturers. Modem producers - in- 
cluding those In the automobile and tele- 
communications sectors - have over- 
come the slump end found new markets, 
recording double-digit rates of growth. In a 
display of economic Darwinism, the slump 
speeded up the phasing out of toe “prime 
polluters" - massive, older plants. 

The Impact was immediate. The smoke- 
stacks and toe sewage pipes stopped 
belching pollutants; air and water quality 
Improved dramatically. Some of the East 
German government's "environmental 
desecrations" (in the words of "Der Spie- 
gel"). however are of a scale requiring 
generations and billions of marks to ame- 
liorate. Examples include the uranium 
mines at Wismut, Saxony (budgeted to 
receive 4.5 billion DM in federal funds) and 
toe strip coal m'mes In southeastern Bran- 
denburg, northern Saxony and eastern 
Thuringia. The full dimensions of toe Soviet 
despoilment of their 1,000-odd military 
ales In toe region are only now becoming 
apparent. 


In the eastern part of Germany , toe striv- 
ing for economic progress and the need for 
environmental Improvement have dove- 
tailed nicely. 

investors were eager to buy Treuhand 
companies, but they were apprehensive 
about possible environmental liability suits 
arising from past (East German) prac- 
tices. Much of the region's Initial environ- 
mental auditing was carried out at the be- 
hest of the Treuhand. The agency then 
used the findings to negotiate liability ex- 
emptions and ceilings with investors. A 
recently agreed-upon formula limits Inves- 
tor liability for pre-1989 environmental mis- 
deeds to 10 percent in many cases and 
sets callings upon cumulative exposure. 
Financial responsibility is generally split on 
a 60-40 or 75-25 basis between federal 
and state authorities. To make the agen- 
cy's companies salable, it has often been 
necessary to trim the companies' bloated 
work forces. Some 150,000 people In the 
eastern part of Germany have found gain- 
ful employment each year In government- 
financed environmental cleanup pro- 
grams. 

Saxony Anhalt’s "chemical triangle" - 
formed by toe cities of Bltterteld, Halle and 
Merseburg - had both a reputation for 
being "Europe's dirtiest area" and for hav- 
ing a highly skilled and motivated work 
force and a central location. It was Impera- 
tive to shut down the existing plants, and It 
was just as Imperative to find a livelihood 
for toe entire region. Thanks to a closely 
coordinated effort by the federal and state 
governments and the Treuhandanstait, toe 
"chemical triangle" now has a future as 
one of Europe's most modem Industrial 
regions. A fair amount of public-sector 
support and a bit of horse-trading have 
convinced Germany's VESA, Italy's ENI 
and France's Elf to Invest 14 billion DM In 
building state-of-the-art production facili- 
ties located in the "triangle." 

Communities were anxious to provide 
their citizens with high-quality "public 
goods" (drinking water, natural gas and 
electricity, to give a few examples), but 
they were. short. of toe know-how and toe 



State-of-the-art telecommunications place the region on fine mth the world. 

Economic Change 
Starts With Education 


or toe rest of the world, economic change on an unprecedented 
scale is toe lead story from Germany's new federal states. Hundreds 
of billions of Deutsche marks are being used to transform an entire 
society and to provide a livelihood for 16 million people In the eastern 
part of toe country. 



For those 16 million people, toe toad story 
has been taking place in classrooms - 
many classrooms. Never before has such 
a high percentage of a working population 
been undergoing further occupational 
education or vocational training at toe 
same time. 

It Is not necessarily an altruistic love of 
higher learning that Is leading the region’s 
residents to education. To Improve their 
qualifications and skills, 25 percent of the 
region's entire working force - or over 2 
million people - have participated in oc- 
cupational training programs in 1992, ac- 
cording to Cologne's Institut der Deuts- 
chen Wirtschaft (Institute of the German 
Economy). Over the past two-and-a-half 
years, an estimated 60 percent of toe work 
force has taken part in such programs. 

For 490,000 persons in toe new states, 
full-time occupational training programs 
are currently substituting for gainful em- 
ployment. The programs' curricula include 
computer programming, banking or tech- 
nical marketing (a German specialty), as 


well as such modern skills as doing one's 
own taxes and English. 

Charles E Brown, a Berlin-based Ameri- 
can teacher of English, describes his adult 
students as “to a very large extent, very 
conscientious and even demanding." Mr. 
Brown has taught In occupational training 
programs hekf in Schwedt, an Industrial 
city on the Polish border. 

Of course, occupational opportunity and 
economic necessity are by no means the 
only motives Inducing the region's resi- 
dents to study. Higher education was a 
preserve of toe politically correct in East 
Germany, and several hundred thousand 
people are taking advantage of their new 
intellectual and political freedom by enroll- 
ing in universities and Gymnasien, or sec- 
ondary schools that prepare students for 
university. 

All told, a whopping 38 percent of all 
those between toe ages of 19 and 64 living 
In the eastern part of Germany are current- 
ly attending some tom of educational pro- 
gram. ■ 



FWIng depleted mines in Saxony. The environmental cleanup is a bottom-to-top affair. 


resources to do so. Enter Eurawasser, a 
German-French consortium made up of 
Thyssen Handelsunion (51 percent) and 
Lyonnatee des Eaux-Dumez (49 percent). 
In toe largest deal of its kind in Germany to 
date, this consortium will operate Ros- 
tock's water supply and sewage systems 
starting from January 1993. The consor- 
tium's "rent" Is the 900 million DM it will 
invest In the city's system, its "return" 
accrues from users' fees. Similar deals 
have been concluded In toe natural-gas- 
supply, waste-disposal, electricity-genera- 
tion and other systems. 

Disposing of waste Is always a dirty and 
difficult proposition, but when this waste is 
composed of toe surplus equipment and 
munitions of an entire army, then the ele- 
ment of clanger has to be factored in. Or at 


least so it would seem. For Buck-Werke, 
the disposal of over 3 million pieces of 
munitions and equipment from the NVA 
(toe former armed forces of East Germa- 
ny) has been just another Job - albeit 
with a twist Over the past two decades, 
orders from the West German army ac- 
counted for 90 percent of file Bavaria- 
based company’s turnover. Today, Its dis- 
posal activities in toe Brandenburgian 
town of Pinnow have given the company, 
once facing a drastic drop in business, a 
new lease on life. For Pinnow and its fledg- 
ling business park. Buck, too, has proven a 
godsend. The company is investing profits 
earned from munitions disposal in new 
manufacturing facilities in Pinnow. Prod- 
ucts include hospital beds, mobile homes 
and offices. ■ 


LINKS TO 
THE CENTER: 
MAGDEBURG 
RENEWS ROLE 


in 1991 and 1992, Germany spent 
nearly 30 billion Deutsche marks 
($1.9 billion) on bringing the 
transport infrastructure in its new 
states up to Western levels. Over 
the next 20 years, some 1 60 billion 
DM and 52 major projects will fol- 
low. 

For cities such as Magdeburg, 
the most dramatic improvement in 
its rail, road and water links has 
already occurred. It was free and 
came (literally) overnight. 

On paper, Magdeburg - now 
the capital of the state of Saxony 
Anhalt - was always centrally lo- 
cated. It was on toe country's two 
main east-west rail and road con- 
nections, running from Berlin to 
Hannover. The Elbe river, one of 
Germany's great freight arteries, 
connected this city of 286,000 in- 
habitants to Hamburg and the 
North Sea; the Mlttelland canal 
linked Madgeburg to toe Rhine and 
Ruhr Industrial areas. 

Of course, in the days before 
November 1989, these connec- 
tions did not do the city's residents 
or their economy much good. 

The most Immediate conse- 
quence of the tearing down of toe 
Berlin Wall was an influx of traffic 
to, from and throughout toe region, 
restoring centrality to Magdeburg 
and other "frontline" cities, initial- 
ly, this influx was made up of sight- 
seers. Today, 500,000 people 
commute every day from Saxony- 
Anhalt and other new states to jobs 
in toe west. Automobile ownership 
in Germany's new states has risen 
60 percent over the past two-and- 
a-half years: automobile use, by 
twice that amount. 

While toe residents of toe new 
states head west, tourists and busi- 
ness executives head east; collec- 
tively, toe new stales have become 
the favorite destination of West 
Germans. The roads all these peo- 
ple are traveling on are being sys- 
tematically widened and upgraded, 
in 1 991 . 450 kilometers of the re- 
gion's 3,700 kilometers of auto- 
bahn were completely redone, with 
a total of 1 ,700 kilometers under- 
going some form of improvement. 

Traffic Jams are often toe result. 
German traffic planners have allo- 
cated two-thirds of all transport 
funds devoted to the new states 
over tiie past two years to revamp- 
ing the region's 1 ,000 kilometers of 
rail track, purchasing new rolling 
stock and refurbishing stations. 
Over toe long term. 57 percent of 
funds will go to the region's rail 
system. The goal Is to more than 
double toe percentage of people 
and goods transported by rail - 
from 19 percent to 40 percent by 
toe end of toe 20-year period. 

Fitting toe envisioned 12 new or 
rerouted rail lines, 37 highways, 
two waterways and at least one 
airport into a 20-year period is itsett 
a major accomplishment. 
Throughout toe world, infrastruc- 
ture planning and building is a tor- 
tuous, lengthy process; In Germa- 
ny, throughput times of 24 years 
are not uncommon. For its new 
stales, Germany has adopted a 
number ot administrative proce- 
dures that greatly speed up the 
approval process. 


FRANKFURT/ 
ODER LINKS 
UP WITH 
THE EAST 


Frankfurt/Oder has 84,000 inhab- 
itants and is located in the state of 
Brandenburg. Across toe Oder 
River to toe east lie Poland and toe 
town of Slublce. 

"Frankfurt/ Oder and Slubice 
now form a single metropolitan 
area," recently declared Der Spie- 
gel, commenting on the integration 
of toe two communities' econo- 
mies and cultural lives. 

To further promote toe good- 
neighbor ties of the Oder region - 
as Walter Hfrche, Brandenburg's 
energetic minister for economic af- 
fairs, has dubbed It - Branden- 
burg and the Polish authorities 
have created an extensive range of 
blnatlonal entitles and laws. These 
Include everything from a chamber 
of commerce and Investment sub- 
sidies to tax breaks and a busi- 
ness-promotion authority with 
headquarters in Poland. A World 
Trade Center will be built In Frank- 
furt/Oder; toe municipality of Slu- 
bice wilt be one of Its owners. An 
island in the Oder will become a 
free trade zone, Bsenhuttenstadt 
(Brandenburg) and Zielona Gora 
(Poland) are to be linked in a pan- 
Oder industrial park. 

Not all these Initiatives are purely 
economic. A polytechnic - in 
which both German and Polish will 
be languages of instruction - is 
being founded, as Is toe Lower 
Oder Valley international nature 
preserve. 


/ 



1INTKII NATIONAL IIKRALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


Pa 


•-Pape I I- 


ADVERTISING SECTION 


ADVERTISING SECTION 


i S 



H 1 

| 


WIRTSCHAFTSFORDERUNGSGE- 

TH0RINGER 

WIRTSCHAFTSFORDERUNG 

WIRTSCHAFTSFORDERUNGSGE- 

WIRTSCHAFTSFORDERUNGSGE- 

.1 


SELLSCHAFT MBH 

LANDESWIRTSCHAFTSFORDER- 

BRANDENBURG GMBH AM 

SELLSCHAFT FOR 

SELLSCHAFT MBH 


48 


DE5 LANDES SACHSEN 

UNGSGESELLSCHAFT MBH 

LEHNITZSEE 

DAS LAND SACHSEN- AN HALT GMBH 

DES LANDES MECKLENBURG-VOR- 

i! 

& 




D-O-1 501 Neu-Fahriand 


POMMERN 

t. 

| 


Albertstrafle 34 

Arnstadter Slrafle 28 

Wil helm- Hopfner- Ring 4 


i 



D-0-8060 Dresden 

D-0-5082 Erturt 

Tel.: (49-331) 276 63 

D-0-3037 Magdeburg 

Wismarsche StraBe 1 52 


s 


Tel.: (49-351 ) 502 29 81 

Tel.: (49-361) 38 12 7B 

WIRTSCHAFTSFORDERUNG 

Tef.: (49-391) 382 27 03 

D-O-2750 Schwenn 


?J 


Fax: 149-351) 502 30 30 

Fax: (49-361) 381 230 

BERLIN GMBH 

Fax: (49-391) 615 135 

Tel.: (49-385) 836 04 

\ 

i? 




Budapester StraBe 1 


Fax: (49-385) 812 987 

l 




D-W-1000 Berlin 30 



* 





Tel.: (49-30) 26 48 80 



\ 

1 




Fax: (49-30) 26 48 82 39 



L 

\ 

x. 

S. 

i 







SAXONY 


Saxony was a center of Germany's indus- 
trial revolution. Its mechanical engineering 
industry led the world in the pre-World War 
li era Leipzig was iraditionally central Ger- 
many's trading, publishing and financial 
center. Its trade-tair authority is the oldest 
in the world and has recently been reorga- 
nized. Quelle. Germany's largest mail-or- 
der company, is building a distribution fa- 
cility in the city's vicinity. Royal patronage 
made Dresden and neighboring Meissen 
Europe's cenier for line manufacturing: 
porcelain, jewelry, weapons, silver and 
gold. Today, publishing (Bertelsmann 1 ), 
telecommunications and electronics (Sie- 
mens) and pharmaceuticals (Asia) are 
three of the area's major industries. Meis- 
sen has remained a leader in its field. 
Southwestern Saxony is once more one of 
Germany's prime automobile-manufactur- 
ing centers. 


THURINGIA 


Thuringia is known for ils forests - the 
state has been dubbed the "green heart of 
Germany" - and rfs aulomobiles. textiles, 
optics and precision mechanics. Eisenach, 
the original production site of BMW, now 
features a billion-mark, state-of-the-art 
Opel facility, plus several hundred automo- 
bile-component manufacturers. After a 
successful restructuring, the Jena region 
rs once more producing planetaria, micro- 
scopes. lasers and electronics. Thuringia 
has two of Germany's foremost tourist at- 
tractions: Weimar, where 2 million people 
have visited Goethe's place of residence 
and other cultural attractions this year, and 
the Warlburg. the fortress where Martin 
Luther sought reluge. 


INVESTOR'S ATLAS 


BRANDENBURG 

BERLIN 

Brandenburg and Berlin have announced 
plans lo merge by the end of Ihe decade. 
East Berlin is becoming one of Europe's 
retail, business and governmental services 
centers. Investors include Daimler Benz, 
Sony, AEG, ABB and Gated es Lafayette. 
With the impending transfer of the govern- 
ment to the city, Ihe pace of construction is 
healed. BMW Rolls-Royce, Heidelberger 
Druck, Mercedes Benz and AEG are just a 
few of the companies settling on or near 
the city's beltline. BASF is buikJing a 2.3 
billion DM facility in southern Branden- 
burg's lignite industry. Krupp's 2.7 billion 
DM investment has given eastern Bran- 
denburg's steel industry a new future. Pe- 
troleum refining and processing facilities 
are located in Schwedi, where VEBA has 
made a 2.3 billion DM investment. About 
2.2 billion DM have been Invested In the 
city of Brandenburg's industries. 


STATE BUSINESS PROMOTION AGENCIES 


SAXONY-ANHALT 


Saxony-Anhalt otters a contrast between 
the idyllic Harz mountains and Ihe "chemi- 
cal triangle" of Bitlerteld, Halle and Merse- 
burg The sublime Harz are quickly becom- 
ing a European favorite again. A very 
promising future lies in store lor the trian- 
gle. Some 14 billion Deutsche marks ($9 
billion) have been invested in the region by 
Elf. Eni, VEBA and other companies, giving 
the region some of the most advanced 
industrial facilities in Europe. Energy, 
chemicals and petroleum products will be 
staple items. In rural Haldensleben, one of 
Europe's major mail-order catalogue distri- 
bution facilities is being buift. 


MECKLENBURG- 
WEST POMERANIA 

This state has become a Favorite with North 
European investors. Thanks to tHilion-mark 
commitments by Kvaemer. TTS and other 
major Norwegian marine-engineering 
companies, the state's shipyards - cen- 
tered m the Rostock region - writ be 
modernized. Danish companies have been 
active purchasers of farm and food-pro- 
cessing industries throughout the state. 
Schwenn and Neubrandenburg are other 
industrial centers. Its 360 kilometers (236 
miles) of Baltic sea coast have made the 
Stale the favorite vacation spot for resi- 
dents of north Germany's crowded cities. 
Today, hotels, restaurants and roads are 
being built or restored all throughout the 
state. A new species of vacationer - the 
■‘green” tourist - is enjoying Germany's 
largest natural preserve, located on the 
east coast of the Muritzsee 


• FEDERAL MINISTRY OF ECONOMICS 
BERLIN OFFICE 

(responsible for non-German investment 
m the new states) 

Unter den Linden 44 -60 
D- 0-1 080 Berlin 

Tel.: (49-30) 3 99 85 100/101/461 
Fax: (49-30) 3 99 35 235 
Contact: Helga Manneck, Ken Bremer 


• TREUHANDANSTALT 

(charged with the privatization of the East 

German state companies and properties) 

Detfev Rohwedder House 

Leipziger StraBe 5-7 

D-O-l 080 Berlin 

General information: 

Tel.: (49-30) 31 54 10 37 
Fax: (49-30) 31 54 10 36 


information for investors: 

Tel.: (49-130) 82 84 81 
(toll free for investors inside Germany) 
Fax: (49-30) 25 15 184 
Information on real estate: 

TLG Treuhand- 

Uegenschattsgesellschaft mbH 
AlexanderpJatz 6 
D-0-1020 Berlin 
Tel.: (49-30) 31 54 70 00 
(information hotline) 


Tourism: On the Way 
T o Great Open Spaces 


The Treuhandanstalt, After Privatization 



n estimated 15 million Germans, French, Americans, Japanese 
and several dozen other nationalities have come this year to see 
the glories of Dresden. Weimar, Potsdam, Dessau and other 
cities in the new states, according to a research institute spe- 
cializing in tourism in Germany's new states. 


he Treuhand has privatized more than three-quarters of the for- 
mer East Germany's public sector economy. Of the 3,200 or so 
companies that remain in the agency's stewardship, two-thirds are 
in some phase of the sales process. Today, new responsibilities 
await the agency. 



An emerging area of activity for the Treu- 
hand is supplying hard-won exiaertise to 
other countries' privatization programs. In 
addition, up to 14,000 contracts with in- 
vestors will have to be monitored for com- 
pliance. 

Ociober was a good month for the Treu- 
hand. An addilional 415 companies were 
privatized, bringing the agency's two-and- 
a-half-year total to more than 9,250. Total 
investment commitments rose to 1 57.6 bil- 
lion Deutsche marks (S98.5 billion), and 
1 .3 million jobs have been guaranteed by 
the companies' new owners. Hero 
Brahms, the agency's vice president, re- 
ports that investors have actually been 
meeting their contractual obligations. Ac- 
cording to a recent Treuhand survey, cu- 
mulative investment is running slightly be- 
low the target amount, while jobs secured 
are slightly above target. 

October was a very good month for 
Karlhermann Kiottschen (the agency's 
head of investor relations) . the Treuhand' s 
New York office and the rest of the agen- 
cy's international sales team. With 2.67 
billion DM in investment commitments, the 
United States has surged past France for 
the lead in non-German corporate pur- 
chases of Treuhand properties. Once ma- 
jor. French-led projects such as DEFA and 
MINOL are factored into the figures, 
France is expected to regain its perennial 
hold on the top spot. Total purchases by 
non-Germans of Treuhand properties now 
amount to i*t 3 billion DM. 

In the agency's immediate future - ac- 
cording to Birgit Breuel. its president - Is 
the sale of ihe remaining 3,200 or so com- 
panies m its stewardship, of which two- 
thirds are m some phase of the sales pro- 
cess Ol the companies lelt to sell, only 


Following is a selection of companies and 
business e/eculives from the new stales 
that are making their marks on world mar- 
kets 

• Jenopttk, Jena. Aided by 3.6 billion 
Deutsche marks (52 25 billion) in govern- 
mental and Treuhand Ignds, Jenoptik. one 
of two successor companies to Carl Zeiss 
Jena, now boasts a portfolio of siale-ol- 
the-ari products filmless infrared cam- 
eras. direct printed circuits and ultrapre- 
ase lasers. Latter Spath. the lormer prime 
minister of Baden-Wurtlemberg and now 
Jenoptik’s chairman, has convinced more 
than 1 00 other Western high-tech compa- 
nies to set up shop on premises parceled 
off from Ze»s& Jena 

• Fritz JAgor, Neubrandenburg. The 

highly successful proprietor of Germany's 
Wilhch group f 600 million DM annual turn- 
over from insulation and interior finishing) 
first came to the Mecklenburg countryside 


2,000 are actually operating companies, 
according to Mr. Brahms: the rest are 
"shells. " By the end of 1993, Ms. Breuel 
expects only a "hard core" of 500 compa- 
nies to remain under agency administra- 
tion. 


oped an innovative form of corporate own- 
ership called the "management KG" (the 
"Kommanditgeseilschaff' is German tor a 
partnership limited by shares) . In the man- 
agement KG, experienced company doc- 
tors are placed at the head of companies 
owning a range of Individual enterprises, 
allowing these managers to "multiply" 
their expertise. Finance is provided by pri- 
vate-sector sources and backed by public- 
sector guarantees. 

At the latest report, two such holding 
companies were in existence. The man- 
agement KG could very well serve as a 
model for the German federal govern- 
ment's newly announced plans to ensure 
the survival of the region's "industrial 
problem children." Although no long-term 
industrial management activities are pre- 
scribed by the Treuhand's brief, it could 


Once In the region, these tourists often 
made other, definitely non-urban discover- 
ies. An "allee" is not, as one might think, 
an avenue, but rather a road lined with 
frees and sheltered by their foliage. Pro- 
gress has widened most of Western Ger- 
many's aifeedout of existence, but they are 
still a staple of the countryside from Saxo- 
ny to Mecklenburg-West Pomerania and 
points between. 

North of Berlin and east of Hamburg is a 
vast expanse of thousands of half-forgot- 
ten lakes and castles. Beyond that Is a; 
coast of sandy beaches and gently rolling 
Baltic surf, and cities with names once 
featured in books by Theodor Fontana, 
Thomas Mann and Kurt Tucholsky. 

There are delightful surprises awaiting 
visitors in all of Germany's new and old 



well be that senior agency executives par- 
ticipate in what presumably will be a variety 


The United States 

of state-owned holding companies. 

North of Berlin 

has surged past 

To sell its sometimes unwieldy charges, 
the Treuhand has often split them into 
more coherent, compact units. By the time 
the privatization process has been com- 
pleted, the Treuhand may have concluded 
as many as 14,000 contracts with inves- 

and East of Hamburg 

France for the lead 

is a vast expanse of 



in non-German 

tors. These contracts contain long-term 
obligations tor both parties. Investors have 

lakes and 

corporate purchases 

bound themselves to spend a certain 
amount of money and to hire a certain 
number of people. Both the Treuhand and 

castles, and beyond 

of Treuhand 

the investor share liability for any environ- 
mental cleanup costs. 

that is a coast of 

properties 

The T reu hand's main role in 1 993 will be 
to monitor adherence to these contracts 
and to be a party to cleanup efforts. Anoth- 
er activity will be to help supervise the 

sandy beaches 


These companies are both vital to the 
industrial future of the region and difficult 
to sell. They are concentrated in such 
high-skilled, ditficult-to-market sectors as 
heavy machinery, metal processing and 
plant installation. At the moment, the ranks 
of these companies include such time- 
honored names as SKET and Mansfeld. 

The Treuhand has a very good record ol 
privatizing apparent basket cases, as the 
recent sales ol shipbuilding and chemical 
companies show. The agency has devet- 


as a tourist, then as a gentleman farmer. 
Today, while Willich is becoming a major 
player in the new states. Mr. Jager's other 
interests are also flourishing. His new em- 
pire consists of a door and window opera- 
tion, a building-services -and -mate rials 
company, a vocational training center and 
livestock. All told: 10 million DM turnover 
this year. 

• ZF Brandenburg GmbH, Branden- 
burg. In 1990. Andreas Hohrein and 
Berthold Pavel were senior mechanical en- 
gineers working lor a transmission produc- 
er, which was suddenly out of orders and 
nearly bankrupt. Mr. Hohrein and Mr. Pavel 
cleared the old machinery out of the facility 
and convinced ZF Fnednchshafen, Eu- 
rope's largest gear producer, to purchase 
me company trom the Treuhandanstalt. 
This year, afier a 50 million DM investment 
Irom ZF Fnednchshafen, ZF Brandenburg 
will record sales ol well over 100 million 


liquidation of the 220 billion DM to 250 
billion DM in debt that the agency has 
incurred in forging the region's private sec- 
tor. 

Some of the agency’s personnel are al- 
ready in Estonia, Belarus. Bulgaria and 
other Eastern and Central European coun- 
tries. They are representing the TOB 
(Treuhand Osteuropa Beratungsgesells- 
chaft). the Treuhand's consulting arm. 
Treuhand spokeswoman Ulrike Grunrock 
reports that the TOB, founded only half a 
year ago, is now rtself a candidate for 
privatization. ■ 


SHOOTING STARS 


DM. Clients include BMW. MAN and Re- 
nault. 

• Rainer Bftsch, Berlin. He started with 
an order to paint electricity-line poles and 
expanded into the installation and mainte- 
nance of cogeneration plants. Then he 
chanced into automobile sales and saw 
opportunity in construction. In 1992. Mr. 
Busch's companies are projected to have 
sal es ol 70 million DM. 

• Kubler & Ntethammer Paplerfabrfk 
Krfebsteln AG, Krtebethat/Saxony. The 
paper factory was founded by Bemdt 
Niethammer's great-grandfather, fn 1945. 
ihe Soviet occupying army dispossessed ’ 
and arrested his family. After the Novem- 
ber revolulion, Mr. Nie! hammer came back 
to Saxony, bringing with him his expertise 
as a successful paper manufacturer in Se- 
den-Wurttemberg. Elected by the work 
force to run Ihe paper factory, which was 
ori Ihe verge of bankruptcy, Mr. Nietham-. 


slates. The longest allee is in Brandenburg, 
and the most regal ones are outside Dres- 
den. The Baltic also laps on beaches in 
Schleswig-Holstein. What are allegedly the 
country's most beautiful allees (near Bad 
Doberan) and its longest sandy beach (on 
the island of Usedom) are both located in 
Germany's "emptiest", stale, Mecklen- 
burg-West Pomerania. 

Meckienburg-West Pomerania is "un- 
derdeveloped.' 1 This matter of ministerial 
concern is the source of pleasure for tour- 


mer turned it around. Once more profit- 
able, the paper factory now records 80 
percent of its sales from Western clients. 

• Peter Krause, Berlin. Germany's En- 
trepreneur of the Year in 1 991 , Mr. Krause 
worked for an East German office-supply 
enterprise until August 1989. After a short 
stint as a free-lance photographer, he per- 
ceived a need in the new states tor office 
supplies on a wholesale baste. For 1992. 
Mr. Krause expects a turnover of about 1 6 
million DM. 

• Wemex, Berlin. Thomas Steiger's 
Wemex will earn 1 8 million DM in computer 
hardware and software safes and services 
this year. Not bad for a company that did 
not exist three years ago. Mr. Steiger's . 
other interests include an Eastern Europe- 
oriented trading house, an environmental 
engineering company, and a hotel and 
restaurant supply service. 

• TRP Tlef-und Rotirleltungsbau 




ists. The state is large and thinly populated; 
just under 2 million people live on its 
23,835 square kilometers (9,200 square 
miles) — 83 persons per square kilome- 
ter. 

Mecklenburg-West Pomerania builds 
" ships fn Rostock, has industrial centers fir 
Neubrandenburg and Schwerin, and farms 
in Its southern districts. Aside from that, 
there is nothing but nature - and tourists. 
Unspoiled nature Is best represented by 
the Moritzsee, Germany's second-largest 
lake. Its east coast will become Germany’s 
largest nature preserve. Continuing a 1 70- 
year-old tradition, the tourists head north 
each summer from Berlin, Leipzig and 
“southern" cities for a taste of the sand 
and the sun on the "Mecklenburgish Rivi- 
era." 

Nowhere ts Mecklenburg-West Pomera- 
nia more idyllic than on Its 320 islands and 
"half islands" (peninsulas). The largest 
Island is Rogen, 40 percent of which (in- 
cluding most of rts allees) was recently 
declared a national monument On Ro- 
gen 's "little sister," Hiddensee. there are 
1 ,300 inhabitants, two ferry ports and no 
automobiles to be found along its 1 7 kilo- 
meters (10.5 miles). 

There is also a discreet number of ho- 
tels, restaurants, snack bars and whatever 
else tourists require to enjoy their vaca- 
tions. Restaurants may sometimes go by 
the rather outdated terms of "Gaststatte” 
or "BratstuOe." but they are easy to locate 
throughout the eastern part of the country. 

Accommodations are another story. 
They are there, but often bear misleading 
names. Hotels are either very old, worthy 
relics of previous golden eras or very new, 
post-unification outposts of major chains 
or, very frequently, former guest houses of 
the FDGB (the former East German official 
union) ora Kombinat (vertically integrated 
industrial unit). Often, the only difference 
between the motels and hotels is their 
names. As the sudden proliferation of 
signs bearing the words " Zimmer" 
(room) and " Ferienwohnungf‘ (vacation 
apartment) would indicate, private rooms 
have also come to the region. 

How many beds are there on Hidden- 
see? "At the moment, somewhere around 
500. The number keeps on growing." says 
a somewhat harassed tourist official. ■ 


GmbH, Potsdam. Siegfried Bonn and 
Thomas Schorer were two civil engineers 
with a common vision of the trillion-mark 
need to revamp sewage and transport in- 
frastructure in the new states. .In a man- 
agement buy-out, they took over TRP and 
found 45 million DM in financial support 
from a Nuremberg-based company, in 
1992, TRP will turn over 120 million DM. 
The company has increased its original 
420-strong work force by an additional 230 
persons. 

. • DFA, Chemnitz, it has been a good 
year for this finisher and plant-construction 
company. Its 5,000-strong work force has 
doubled its productivity, and the'company , 
will da "a little ext better than break even," 
says a director. Goals tor .1 993: 25-percent 
growth and perhaps. a. change of owner- 
ship DFA is still owned by the, public 
sector. 





Tr 5 ^^ 







ibs 

mi 


THETRIB 


: 90.97|| 


International Herald Tribune World Stock Index e, composed 
of 230 internationally investable stocks from 20 countries, 
compiled by Bloomberg Business News. Jan. 1, 1992 = 100. 



The Index tracks U.S. dollar values of stocks in: Tokyo, New York, 
London, and Australia, Austria, Belgium, Canada, Denmark, 
Finland, France, Germany, Hong Kong, Italy, Netherlands, New 
Zealand, Norway, Singapore, Spain, Sweden and Switzerland- 
ln the case of Tokyo, New York and London, the index is composed 
of foe 20 top issues in terms of markat capitalization, in the remaining 
17 countries, the ten top stocks are tracked. 


Asia/Pacific 


Europe 

TOT .v,' 


N. America 

■ sw g gw , -.m 


Oos a: 84.53 Pravj 84.17 Close: 91.16 Pm. 81 Sf CtaK 9728 Pm- S7S8 





JASOND JASOND JASOND 
1992 Wwortdhdwc 1882 1982 


Industrial Sectors 



Tun. 

Mow 

.An 

Mom 

Obngo 


Tin. 

mom 

An. 

Mom 

% 

efaongo 

Eawgy 

91-86 

9158 

4020 

Capital Goods 

9122 

92 IB 

-1.04 

IMffin 

86l32 

85.89 

+050 

Raw Materials 

9232 

9221 

40.12 

Finance 

8239 

8279 

-ML23 

Consumer Goods 

9350 

9420 

-042 

Services 

9954 

99.72 

-0.18 

Mtotanpoiw 

9250 

9253 

-003 


For readers desiring mm Mormalion about the MomoBonal HmU Tribune Worid Stock 

Index, a booklet Is avariabb free ot charge by writing Id 

Trb Index. 181 Avenue Charles i to Oat Co. 92521 HouByCedex. France. 




M [} A ^ fr 


1993 Is Promising a Feast 
For Germany’s News B uffs 


By Brandon Mitcbener 

International Herald Tribune 

F RANKFURT— For German news junkies used to depri- 
vation, 1993 will be the year of the overdose. Three new 
television stations, two focusing on hard news and one 
feature-oriented, as well as a weekly newsmagazine, will 
be taking aim at what is considered one of the last promising niches 
in the German advertising market: well-educated and wealthy with 
a craving for information. 

• N-TV, which began broadcasting 24 hours of news a day on 
Nov. 30, js Germany^ answer to Cable News Network. The 
strong pouits are business re- . - 


porting and a cooperative agree* ^ , 

meat with British Broadcasting 1116 fare, llsffee new 

Corp. on foreign news. tt station* « n J 

• VOX, an information chan- ® ’ news 8120008 ana 

nd that is to go on the an- Jan. a newsmagazine. 

25, aims to be up-to-date, in- ° 

fo rmat i vr, entertaining and in- 
novative’’ with hourly news, investigative reporting, talk shows and 
docudramas. Several newspapers, including the Neue Zflrcher Zei- 
tune and the International Herald Tribune, are tentatively sched- 
uled to provide regular programming. 

• A third contender is Euronews, an all-news station to be based 
in Lyon and sponsored at least initially by the European Communi- 
ty, broadcasting in five languages including Goman. No startup 
date has been set 

• In the print press, a flashy, four-color newsmagazine called 
Focus win go head-to-head with Germany’s stolid, black-and-white 
weekly Der Spiegd as of Jan. 1 8. The publisher, B Linda GmbH, says 
it had no plans to compete with Der SpiegpL, but nevertheless bills 
Focus as a “modem" alternative. 

News and economics magazines are the second-biggest advertis- 
ing markets in the German print press, behind television program 
guides, and upstart private television stations are increasingly 
hiring viewers and advertisers from the leviathan public-sector 
broadcasters. 

It comes as no surprise that media companies are given good 
prospects for growth in a market that expanded by a quarter 
following German unification. Deutsche Bank Research recently 
reckoned that Axel Springer Veriag AG, publisher of BOd and one 
of Germany’s media heavyweights, could see a 50 percent jump in 

See NEWS, Page 18 


Can Britain Fight the Import Tide? 


By Erik Ipsen 

International Herald Tribune 

LONDON — Economists looking for 
signs of deep-seated problems in the British 
economy usually get no further than the trade 
balance. They have no need to. “The figures 
are appalling,” said Bill Martin, chief econo- 
mist with LIBS Phillips & Drew. 

In the midst of the longest recession since 
the Depression, imports have done some- 
thing they are not supposed to do — risen. 

NEWS ANALYSIS 

Second of two articles 

British demand is increasingly being met by 
non-British suppliers. 

This is an ominous and humiliating predic- 
ament for the world's first industrial nation. 
The brave boast that Britain will now lead the 
way as the woiid's post-industrial nation is 
no longer heard. 

in the third quarter, domestic demand rose 
by 0.5 percent while imports, excluding cars, 
soared by 8 percent. Mr. Martin pinned the 
blame for this year's expected I percentage 
point fall in gross domestic product on “mas- 
sively higher" imports. 

Richard Conquest, chief economist at the 
Daiwa Institute of Research, said: “The 



problem is not that we are hopeless at doing 
anything, but that the supply base is not big 
enough to meet the demand of both the 
domestic and export market.” 

Economists estimate that the capital base 
of British manufacturers — its stock of ma- 
chines and material to make things — has 
fallen slightly since 1979, the year before 
Britain's last recession. Meanwhile, domestic 
demand has risen 30 percent and exports 
have soared. 

The result is a severe shortfall in manufac- 
turing capacity. In the first 10 months of this 
year, instead of posting the substantial cur- 


rent account surplus dun would be usual in a 
recession, that shortfall contributed to a cur- 
rent account deficit of £9.7 billion ($15.2 
billion). 

Underlying that broader measure, which 
includes export earnings from such so-called 
invisible items as financial services, was a 
steady deterioration in Britain's balance of 
trade. In the first six months of the year, 
imports of nonoti goods exceeded expons by 
£7 billion. Economists at James Capd, the 
brokerage firm, estimated that deficit would 
hit £16 oiHion this year and £23 billion in 
1993. 

For the so-called “miracle economy" of the 
mid-1980s, the one whose productivity 
growth rates far outstripped its rivals, the erne 
that was supposed to nave cleanly broken its 
long downward spiral, this comes as a bit of a 
shock. 

The recession was one thing, but it was not 
supposed to have wiped out the hard-won 
gams of the 1980s. Then, in the drive to a 
slimmer, more productive Britain, 2.5 million 
jobs disappeared and as much as a fifth of 
industrial capacity was lost. 

“We have become more competitive, but 
we have not seen those gains feed through in 
terms of a significant increase in the manu- 
facturing base,” said Andrew Sen lance, chief 

See UK, Page 19 


leasing Firm 
Orders Planes 
Worth $4 Billion 


Seoul Losing Faith 
In Formulas of Past 

r New Japan 9 Fears Falling 
Even Further Behind Tokyo 


ffSZFninKiwZ rfSBJKTBR’iJT tSTW 

Gross National Product 
Growth adjusted for 
Inflation 


; Trade Balance 

In billions of dollars 
?< $12 t 

m q i 



Untied Tress inirmatimal 

LOS ANGELES — Internation- 
al Lease Finance Corp., taking ad- 
vantage of one of the besL buyers' 

markets for jets in years, an- 
nounced Tuesday it would spend 
$4.1 billion in the largest aircraft 
order of 1992. 

ILFC, a unit of American Inter- 
national Group, said it would ac- 
quire 53 aircraft from Boeing Co„ 
28 from Airbus Industrie and one 
from McDonnell Douglas Corp. It 
also took out options worth SI J 
billion on 17 more Boeing and eight 
more Airbus aircraft. 

The order was a significant boost 
for Boeing, which learned Monday 
that United Airlines planned to re- 
duce its 175 orders and 258 options 
by an unspecified number. 

Airbus also suffered a blow last 
week when Northwest Airlines can- 
celed a $3.5 billion order for 74 of 


*■ -V lx* * 1.7 

Standard of Living 
Per-caplta growth in 
gross national product. In 
ttouBands ot abnars 


C International Herald Trtxjnc 


By Andrew Pollack 

Hen York Timex Service 

SEOUL — South Korea, which 
only five years ago was being 
looked upon as the next Japan, is 
coming to grips with the notion 
that it might not be so easy to get 
there after all. 

Indeed, as South Koreans pre- 
pare to vote on Dec. 18 to elect a 
new president, the economy has 
become the major campaign issue. 
There is a sense of foreboding that 
die rapid progress has stalled, and 
there is a growing consensus that 
the economic system that has car- 
ried South Korea so far so fast can 
cany It no further, indeed, that it 
must m fundamental a 

way as the political system has,.-. 

South Korea in fact remains one 
of the great economic success sto- 


ries. Some companies in businesses 
like computer memory chips and 
steel lead the world. Gross national 
product per capita, a measure of 
the standard of living, has more 
than doubled in five years, to 
$6,340 in 1991, from about $3,000 
in 1987. 

With rising wealth has come 
greater political influence, as exem- 
plified by the visit last month to 
Seoul by President Boris N. Yeltsin 
of Russia, hat in band. 

Still, in the last two years or so, 
economic growth has slowed, a 
trade surplus has tamed into a defi- 
cit, and the country has been losing 
competitiveness in some industries. 
Even after the strong earlier 
growth, gross national product per . 
capita in 1991 was only roughly 
equal to that of Greece, and far 


p t j j '8 1 '83 '85 '87 '89 '91 

Source.- Bank of Korea 


below that of Japan ($26,920), the 
United States (S22J60) and Britain 
($16,750), according to the World 
Bank. 

Now, said Bae Soon Hooo, presi- 
dent of Daewoo Electronics, “the 
gap between Japan and Korea is 
even greater than before.” 


ness executives and economists say. 
South Korea most navigate two 
major transitions. 

Instead of the economic system 
developed during the years erf dic- 
tatorship. which gave the govern- 
ment since economic control and 


concentrated business in a few 
huge conglomerates. South Korea 
most now move toward freer mar- 
kets and smaller, entrepreneurial 
companies. 

Second, the nation must shift 
more toward innovation and ad- 
vanced technology. Industries that 
have propelled South Korea’s 
growth so far, like shoes, clothing 
and simple consumer electronics 
products, are now migrating to de- 
veloping nations with far lower 
wages like Indonesia and China. 

“Right now, we need a change of 
paradigm," said Paik Man Gi, di- 


“ i • I 1 i 1 i ■ ! i \ 

’81 '83 '85 ’87 '89 ‘91 

HftiUBTKj <T" ■■■' ■ jff.TKA JO, 

The New Yak Times 

rector of the semiconductor divi- 
sion at the Ministry of Trade and 
Industry. 

A move away from low-tech, la- 
bor-intensive industries is probably 
inevitable as any nation modern- 
izes, but in South Korea’s case the 
change has been hastened by dem- 
ocratic reforms that gave a voice to 
formerly suppressed workers. 

Strikes in the late 1980s. some of 
them violent, helped lead to a tri- 
pling of wages in some cases, and 
more than 300 labor-intensive foot- 

See SEOUL, Page 19 


the European consortium's planes 
as pan of a cost-cutting program. ! 

ILFC said it placed the orders 

because it expected continuing 
growth in its leasing business, de- 
spite the current slump in the air- 
line industry. 

Before the Tuesday announce- 
ment. ILFC already had about 200 
aircraft on order and 60 percent of 
this fleet had been leased to clients. 
All of the company's existing 185 
planes are leased out. 

“Our core aircraft- leasing busi- 
ness has been steadily growing in 
volume, demand and profitability, 
which is rapidly exhausting our ex- 
isting order book and now requires 
ILFC to secure adequate supplies of 
new-technology jet aircraft.” ILFC 
Chairman Leslie Gouda said. 

The announcement also comes at 
a time when ILFCs chief rival, 
Ireland-based GPA Group Ltd, 
has been struggling to avert insol- 
vency. The company canceled an 
initial public offering in June be- 
cause of a lack of interest from 
institutional investors and recently 
suffered downgradings in its debt 
ratings by Moody's Investors Ser- 
vice and Standard & Poor's Corp. 

Dean Thornton, president of 
Boeing Commercial Airplane 
Group, called the ILFC deal “re- 
freshing news for an otherwise ner- 
vous industry,” and said the order 
underscored Boeing's optimism for 
the long term. 

The deal also is a lag plus for 
Airbus, ooming on the heels of a 
number of cancellations and defer- 
rals from recession-plagued carriers. 

As Tor McDonnell Douglas, 
ILFC Tuesday convened an option 
on one trijet into a firm order for 
March 1995 delivery. 

The purchase comes at a time 
when McDonnell Douglas has also 
been stumbling. The company re- 
cently delayed plans to launch a 
new jumbo jet after Taiwanese in- 
vestors lost interest in a proposed 
deal worth S2 billion to help pro- 
duce the new craft 

ILFC said it expected initial de- 
liveries to begin in 1994, with most 
aircraft to be shipped between 1996 
and 1998. The order includes virtu- 
ally every model made by Boeing 
and Airbus. 


Franc Feels Pressure 
As ERM Jitters Return 


We’ve Built a Global Bank 
on Timeless Principles. 


Compiled by Our Staff From Dispatches 

LONDON — The Deutsche 
mark strengthened in nervous 
foreign exchange trading on 
Tuesday, and the French franc 
succumbed to a fresh bout of 
European currency jitters. 

Germany’s central bank, the 
Bundesbank, intervened to sup- 
port the franc at 3.4176 to the 
mark around midday in a re- 
play of repealed franc-buying 
forays it mounted last week. 

But the French currency, 
which had been helped by a 
show of unity at the European 
Community summit meeting in 
Edinburgh over the weekend, 
lost its short-lived gains. The 
mark rase to 3.4164 francs from 
3.4088 on Monday. 

Currency dealers said much 
of the impact erf the interven- 
tion was lost due to comments 
by a Bundesbank council mem- 
ber, Ottmar I sang. He said 
German inflation remained 
high and was unlikely to ease in 
coming months, a further signal 
there would be no quick end to 
high German interest rates. 

The dealers also said the 
franc was dented by market talk 
that the Bundesbank would not 
aid it as strongly as it did in 
September, when (he pound 
and lira were forced from the 
European Monetary System's 


exchange-rate mechanism grid 
of currency parities. 

The dollar advanced against 
European currencies after re- 
marks by President-elect Bill 
Clinton that he would back a 
strong American currency. But 
the mark’s strength against the 
dollar pushed ft off a ledge 
above 1.57 DM to 1.5680 at the 
European close. 

Separately, Ireland's central 
bank slashed interest rates to 16 
percent from 20 percent as pres- 
sure an the punt abated within 
the exchange-rate mechanism. 

Dealers said speculation per- 
sisted of a devaluation of the 
Irish punt and of a post-Christ- 
mas alignment downwards of 
the French franc and Danish 
krone. All belong to the ERM. 

After the rate cut, the punt 
dipped before moving back to 
around 2.6394 DM. edging 
away bom its ERM floor of 
26193. 

Private economists said the 
Irish rate cut reflected an easing 
in recent setting pressure on the 
punL 

“Maybe they feel the pres- 
sure is off the currency since the 
weekend, said Dermot O’Brien, 
economist at NGB Research in 

See RATES, Page 16 





mm 










F rom the beginning, 

Republic National Bank 
has been dedicated to a 
single objective: the protection 
of depositors’ funds. We believe 
that preserving client assets is 
the most important service any 
bank can provide. 

Safeguarding these assets 
requires more than good inten- 
tions, however. It demands 
strength. And the steady prac- 
tice of our conservative philoso- 
phy has made us one of the 


Cross RatM 


Eurocurrency Deposits 


| C DM. FJ. Lira D jn ar. SJ>. YM O PMta 

Amsterdam 1X8 Z7CS MM UM BS* US1 MB' 1*1 IS* 

indi Kit sub am ha. sjhJ* u» — am tm ssmh sub* 

Fn m uu ri uni 2 « — a an tins* urn US’ ujs IMS* UMS urn* 

London (a) UflO 2AOS UM1 2.1MM 2703 M IMS 1H* 1HH 

Mown ms 175.117 7UU SM« MS* SUB 1*9*7 TUB IW IMS 

mm mu S3SLH Mil 1M MTS OM MS lUfl MILS US 

New York (M Uffo LKJS USB UHS 1705 ESS IS IMS UR 11171 

fora aas tons km< — osu* m am uos use *201 *jws* 

Tokyo ms nui an no in iui ws baa — w.n uui 

Toronto MB? UW UK ISIS* UW MW* AW» lO>* U«* 

zurfcfl yea mu a am t sa us* um uss* — u»* iss us»* 

1 ECU 1X7 UH6 MSN UK) UH13 US «WJ l» '-WO 

75DR I JO* OJW Mr T,«7tt IfSLfl Mtfl CMOS ISS T71* UTS 15S377 

OmJnos in AnvJerdom. London. fork one Zurich, fbtino* In other etnUnt Toronto 

tolHatJpjn. 

9: To ouv one pound; b: To buy one dollar ; Urritf ot M; HO.: red Quoted; MA.: not 

ovarian*. 

Othsr DoBwr Vsluss 

fmnioLLi Pert Cwrancv Pert Currency pier* currency Part 

TZJj Brack drae. WJd Mex. p«*o JlMflO s.Afr.rana 1000 

Audi ul 1 jmi HmKMSS 7J3W N.ZMMM1 1.9399 5.K0T.WM 789.00 

ftwlr iim Hww.forM 9141 Nora. krone &7S3 SwwLkrana A771S 

■ram era. wun Mtonnim 2 UU PULmu 2SJB Tatwoot 2547 

CMnraynon 5,7055 tedo-rertoft 20oLS Poftntioiy uni Urtkow -2540 

CMOlkOrMa 2M1 UW Pnianrio l«Ub Twkrt&ilm 822180 

D«l*ti krone AJU7 ItRXUSwk. 2497 RunkMraMe 4WM UAGtfMm U727 

EtmMM 132*5 KvwdHdhMT UM Sand rtrW JL7SM VoMZ-baH*. 7990 

F3n.mnddtt 5.10 liininr riwi ?iw Sian.* 14999 

Forward Rates 

Curmnty SMov May today Cnrraacv today today today 

PaandSttrttM 15505 145*2 15502 CaaBdUmaothr laid U9SB usn 

DnfodMmarfc 15797 15959 15724 Junanc to W mw mu ran 

Mu tome 14136 1410 14197 

Sources' me Bank ( Amsterdam I; mdosuez Bank tBrusxeb); Banco Co nvrmckUe iiaHano 
(Milan) ; Apence Franco Prase (Pans); Bank at Tokyo (Tokyo); Roast Bank of Canada 
(Toronto); IMF (SOU). Other data from Reuters and AP. 


Swiss French 

Defter D-Mark Franc Sttrliito Franc Yen ECU 

1 month 37 W- 31 L 7U4H (Mh 7IW* 10te-12 3 9^ is. 11-llVh 

3 months 3t*3fe Ml * 7-715 9U-11U IMA-IDto 

4 months ddto Ato-7 9V4-1IM 3*W TO tb-IO *» 

l rear flfe-w mwv t 3 m* VA-m 

Sources: Reuters, Uurda Bank. 

Redes upoBcoble to Interbank dtocahs off! million mbshrwm (orgmshmlent). 

Key Money Rates 

United State* Clew Prev. Britain 

Dtsawnt rate 350 US Bank Bose rate 7JD0 7 M 

Prim rale iM 590 Call m oney 71k 79k 

Foderol rands 3A 100 wnanlti lateftaak 71k 7*» 

3-mooth CDs 3.U 112 Mnwnh bitwtwrt 7V. 7H, 

Comm, naner U0 days 3U 157 munft I n teihn a fc 750 750 

SnwnttiTraamiYWl- 121 M torenrBIH 041 9J7 

7-year Treosonr WU 351 340 Prmat 

SSS 3 3 ft® » 

3 3 ESSES « H 

34-year Treamry bond 745 744 *»*g"!™* 

MerrtHLfAdiadnvRMdyanH 253 253 JJywW ? &24 

Sources: Reuters. Bluomberv, Merrill 
lynch* Bank of Tokyo. CommtrxbOnK 
GnenmM Montagu, crtrSr Lyonnais. 


Dtsaxmi rate 
Coll roomy 
l-mort* interbank 
loonte Intertetfk 
franmni totertunfe 
tovenr Goverwncnt bond 
Per many 
Lomeard rate 

CatinoMT 

I«hm»i tatoriuok 
3-moath bitortxuli 
t^nonth biteramk 
10 -ywzr Bund 


strongest banks in the world. 
Our risk-weighted capital ratios 
are among the best in the 
industry, and our reputation for 
safety is exceptional. 

We’re a subsidiary of Safra 
Republic Holdings S.A., with 
US$1.1 billion in total capital. 
Our solid record of financial 
achievement has attracted many 
new customers to the group. 

In the past four years, client 
assets have climbed 400%, and 
now exceed US$9 billion. 


Our high level ot client 
service is another aspect of our 
strength. We are known for 
building long-term relationships, 
and our skilled bankers can help 
each client realize his or her 
particular goals. 

No one can predict the future. 
But we can help protect the 
funds that our clients need to 
meet it. Our emphasis on finan- 
cial strength and personal service 
is as valid today as it was when 
banking began. 


REPUBLIC NATIONAL BANK 
OF NEW YORK (SUISSE) SA 



AJIA. 

PM. 

Cb\n 

Zurich 

33*25 

33455 

-045 

London 

334J0 

334M 

-130 

New York 

XUAfl 

30450 

—0.10 


US. dollars oer ounce. London official fix- 
lnei;2»ttcho?xt Now York opening andaro- 
toa Prices; Hew York Came. 

Source: Reuters; 


A SAFRA BANK 

HEAD OFFICE GENEVA 1204-2. PLACE DU LAC ■ TEL. (Q22> 70S E5 95 • FOREX: (0221 70S GG SO AND GENEVA 1201*2, RUE DR. ALFRED- VINCENT [CORNER 
OUAI DU MONT-BLANCi BRANCHES: LUGANO 9901 • 1. VIA CAN0W - TEL. *091 1 S3 85 32 - ZURICH B039 - STOCKER5TRASSE 37 - TEL. iDU 28B 18 18 ‘ 
GUERNSEY ■ RUE DU PRE ■ ST. PETER PORT - TEL <481 ! 711 761 AFFILIATE: REPUBLIC NATIONAL BANK OF NEW YORK IN NEW YORK OTHER LOCATIONS: 
GIBRALTAR - GUERNSEY - LONDON - LUXEMBOURG - MILAN • MONTE CARLO • PARIS • BEVERLY HILLS ' CAYMAN ISLANDS ‘ LOS ANGELE5 - MEXICO CITY ' MIAMI • 
MONTREAL ' NASSAU ‘ NEW YORK ' BUENOS AIRES ■ CARACAS ' MONTEVIDEO ■ PUNTA DEL ESTE - RlO DE JANEIRO ‘ SANTIAGO - BEIRUT ' BEUING - HONG KONG • 

JAKARTA ■ SINGAPORE • TAIPEI ' TOKYO 


I 





INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


** 


■Page 16 

MARKET DIARY 


U.S./AT THE CLOSE 


IBM Blues Sour 
Big Board Mood 

Compiled hv Our Staff Fnm Dupaicha anemic holiday sales, dashing ex- 
NEW YORK - Blue-chins P«i alions ^at Ms * llin 6 a **? 11 
slocks ended with minor losses on would mark a turnaround for the 
Tuesday, recouping some of the industry, 
early declines spurred by a sharp Short-term notes and Treasury 


ViC Aiwnud hm 


I Dow Jones Averages 


EUROPEAN FUTURES 


Business Inventories Down in U.S. 


Dow Jones industrial average 


Indus 32813a 331127 326033 32804— iM «.iw HWh Law Prev. Owe 

Trans 1392*1 M1U3 138*74 14MJJ7 + S74 r- 

UHI 217.95 22008 217.01 2T9J0 + 1.00 FOOd 

Comp 1183.75 119199 117X51 + 068 

UJ. Doi tars kt metric iwHon of 39 hms 

Stan clara A Poor's Induces mot ibi*j ikuo ibxoo icub ismo won 


HM LOW CtoM Change 
LONG GILT (LIFFE) 

E5BJOO - Ptl & fine, 01 IN PCI 

DOC 100-21 10006 10008 -0-13 

Mar 99-39 9908 99-16 -0-13 

JOT N.T. N.T. 101-19 -0-13 


drop in the price of IBM's stock. 

In a session already undercut by 
profit-taking. IBM compounded 


bills also got a boost when the Fed 
said it would buy Treasury bills of 
all maturities lor settlement tomor- 
row. a trader at Lehman Brothers 


. _ i.. f.ir £1 / iv«*i (4 ufluwi aii iAuiiuiu vivwwio 

went severe losses by falling 6 J 4 to ^ j a 

56 W itfter announcmg cost-cutt.ng ^ pas& - pendent injec . 



industrials 
Tramp. 
Utilities 
Finance 
SP 500 

spioo 


low Last cti9i • . _ _ u, cta.a»«- WASHINGTON (API — Business inventories fell OJ percent in 

si I c " long gilt (UFFE) October, the steepest decline m tune months, the government said 

BJ8 JJ7.01 219J0 + loo Food ■ Ptl 4 tt»* oi iw pci Tuesdav. Sales were unchanged at the highest level since July. Analysts 

UM 2 simsarifox) MV 99^29 ’wSb 9mS -M3 said the report portended increased production and job growth as 

> Poor's Inducts mv iblSmbjo ibxoo ietd ift3*i i«Ju Jb esi. wiume?'«ij55 l oocn interest: ssoSx 3 businesses attempted to meet increased demand. 

: Esr ImSiiii ! wr 'nt !££]*?»} 8 £'^ e 2 ^^JP BU,,D ‘ L,,=FE> The Commerce Department said inventories held on shelves and 

"T!? 22, IBS 5S : ? : mot S! m 9ua +«o backlois totaled a seasonally adjusted S83L9 billion in October, down 

u&j 67 stS ®742 +?||f Mar iw5o iSoo n!t! ult! iSgoo 19L00 5 S n't n't fils taoB from $835.4 billion a month earlier. It was the largest decline since 

IS'fS'SStlS fa. oSIinnii"" *k«— :W».a£«Sfl:mir baddogs shrank 0^ percem in 

SKSSSStK ssseisa. , T>= departrom aid ale at the imnu/saunni wbolesdcand rojl 


3W74 3^ JKJs'+lm COCOA (POX} 

39u5 +0.11 sMrting per roetrte twMot* OT10 tons 


NYSE Index* 


Co manna 
Industrials 
Tramp. 
Utilities 


m< ^' r% , - j . - 1 tion of reserves into the banking 

The Dow Jones industrial aver- ,-vuem 

age slid 7 .B 4 . to 3 . 284 . 36 . Declining Zinder. market analyst 


Dec 

640 

653 

650 

6*7 

649 

651 

Mar 

679 

680 

681 

6 71 

675 

676 

May 

6*5 

697 

698 

689 

691 

693 

Jel 

711 

712 

711 

Tie 

706 

708 

tap 

726 

727 

725 

719 

721 

723 

Dec 

748 

750 

748 

742 

743 

745 

Mar 

768 

770 

765 

762 

763 

766 

May 

781 

785 

700 

780 

777 

781 

Jul 

796 

801 

N.T. 

N.T. 

790 

79 7 

tap 

813 

817 

810 

810 

toe 

812 


Industrials 

mibb low Lest seme art* 


17075 169JJ0 17029 17025 — 125 
171J0 17025 171.25 171*1 - 1.S 


levels in October totaled a seasonally adjusted S 55 B -5 billion, statistically 
unchanged from $ 558.7 billion a month earlier. 

Meanwhile, America's overall trade deficit fell 20 percent in the Juiy- 
Sem ember Quarter, the lareesi decline in six months, toe government said 


NASDAQ Index* 


M Y Wnrir a at Lehman Brothers, said the mar- 1 

^ — aroq z ket “is still consolidating the gains f . 

issues outnumbered advancers by a it made since early October’’ but 
6-5 ratio on the New York Stock added that "today we have IBM - 
Exchange, where volume rose to acting as a depressant.’’ NYSE 

225.88 million shares Tram 182.51 Traders also mentioned several 
million technical factors. 

Bonds rallied Tor the first time in “ Aside from the usual year-end TuCSEP 
five sessions amid signs that the crosscurrents like lax- loss selhng. ^ 

economic recovery miy be weaker ™ als ?. 5 “ w Uie triple witching Gropa s 

than expected. The benchmark 30 - Jourwhicli CT “ les errauc Sf* 

year bond gained to point, cutting Mn Zinder said. c«acis 

Its yield to 7*45 percent. Tax-loss selling is the practice of 


J J A SON D 
T992 


NYSE Most Active* 


J Composite 
industrials 
finance 

IHT insurance 
utilities 

mmm Banks 
Tramp. 


HIM Law Close CTree H" 

654.73 6*809 65075 -198 Jol 

701-33 69172 69643 —AW 5CP 

753.95 75rn 752A5 + MS Nav 

777-88 77145 77346 — 0.47 jem 
71*42 7DO20 712.97 — 1J6 F« 
5I9J4 ST 6.14 51736 +061 
624 J6 61949 624J7 + 143 


ESI. Sam 1481 lots. Open Ini. KL41S. '67.00 M wap 147-2 -fl 

oSbnLr MHrictod ** N - T - N - r - N - T - 17 l'-» — Q 

Joa 1004 1005 1017 IKO IBIS 1016 oS^ S SlS^w?W 1 5Bl ^ * V, SBl “ 1, ' W ‘ 

MOT MJ27 1028 1040 1018 1(08 1039 «*n mtemst 78^81 

MOT 1006 1038 Htn 999 1013 1015 BRENT CRUDE OIL (IPE7 

Jol 1003 1004 too? 90S ioo7 loio UJ. dodem p er bor reH ots ot 148B SomU 


S' !Sm S 16 U 0 167 J 5 U.W? Tuesday. The Commerce Department said the third-quarter gap in the 

m i 67 jo iSis win TiS U S- current account totaled $ 14.2 billion, down from 517.8 billion in the 

ii lm »a S im -«B previous quaner.lt was the largest decrease since the deficit dropped 213 

a? K>; nx nx i 7 i!a — oS percent from January through March. 

E*t. Sola l ZAS6 . Prov. sain 11.167 . 

Oo«n mtorasr 78,581 1 W"\ f Cl A 


Early December Car Sales Advance 


High Lew 

Last 

cue. 

59*k 




TV, 

1 

IV, 

— tie 

MS 

8 VS 

HSti 

+ te 

78'/. 

77W 

TT1* 

— m 

3K4i 

29* 

29 n, 

— 5te 

341* 

34 Hi 

34U 



8%. 

BH, 

— * 


nr*B 



41 

39 Hi 

40« 

+»te 

42>* 

41% 

41V, 

— te 

Bte 

TV, 

8 

— te 

28 Hi 

27W 

2734 


35* 

35VS 

35te 

-2 

2*9fe 

2*H, 

2*% 


*8*1 

47** 

48 

— to 


AMEX Stock Index 


Jan 

1779 

17J7 

1777 

1727 

-0.15 

Feb 

J&ffl 

1770 

1773 

179? 

-0.H 


1X04 

1775 

177* 

17.95 

— 007 

Apr 

1X05 

17.96 

1777 

17.99 


May 

1X02 

1778 

1X00 

1X00 

g if) 

Jpg 

1822 

17.97 

17.97 

1777 

— &06 

Jel 

IXflS 

1X01 

18.01 

1RA7 

-«IS 

Am 

1X06 

1X06 

1X06 



Sep 


N-T. 

N.T. 

1X0* 

Unch. 


39284 39000 39066 — 1J0 I DCC 


Dow Jones Bond Averages 


K N-T. N.T. 242.00 2*400 — 172 
tr 24a DO N.T. 245.50 2QJ0 — 1STZ 

Est. solos l JQi. Prev. 134. Open Int. 12*501. 


cent in the past five sessions. 

Standard & Poor’s 500 index Tell 
027 to 43157 . 


High Low Lost dm. 


its yield to 7.45 percent. . *umg is me practice oi ™ sh 

■ . . . dumping losing or non-performing umim 

TheNasdaq composite fell 3 98 stoc ks to reaii^ losses fW tax pur- 

to 650 . 75 .orabout 0 . 6 I percent, led po^, while “triple-witching" re- AT&T - - 

by Microsoft Core. NoveU Die.. ^[ 0 y* quarterly expiration of nysc 

Apple Computer Coip^ and Sea- stoc k-uidex futures and options AMEX Most Actives n«e 

gate Tccbnolop Inc- The Nasdaq options on individual stocks on MJfg 

composite is down about 2.4 per- ^ vol hwi low u»r am. {JJgg 

cent in the iwst five scions. On the trading floor. Tucson fiffiSS! 1 S 8 

oStSrn Sectric Power was Uk second most »&*>* fi| j »ft ^ ^ 

u “ 1 '■ active issue on the Big Board, fall- Eg»B» » 4 j? «S 4 % +S 

Treasury securities surged after i r ,g IVi to IW after saying it issued pSild mi mS 3 »? + * — 

International Business Machines about 135 million shares of com- £g£i ?5 H.Y 

said it would cut 25,000 jobs next mon stock as pan of its finandal = 5 

year and take a $6 billion charge in restructuring plan. sulcus ims iiu to ?v» — n , 

the fourth-quarter to pay for the Arkla was third, adding W to 814 . &SS g£J 

cuts and other downsizing ex- I is stock rose Monday after the Co,EnB 14,6 1M * ,<w + * Dec 

pimses. natural-gas utility's board or direc- _ °^c 

Die IBM news is a sign that the tors accepted the resignation of WT8E mary — 

"economy is not going to blast off," Thomas McLarty 111 as Arkla’s a«*e pr«v. ®*! 

said Michael McGlone, manager of chairman and chief executive offi- MvOI>cea mb a,* 

bond options trading at Aubrey G. cer to become Clinton's chief of Decunea ?» itxn gg 

Lansion & Co. staff. ££ 2™ Jg - 

Meanwhile, retailers reported f Bloomberg, UPI ) 5 SSS l»I? » S ® - 


20 Bonds 
10 Utilities 

10 In d u si i k ills 


— — Metals 

CtlVe Qm 

—8.16 Bid Ask 

+ 801 ALUMINUM (HlOtl Grade) 
— 0J3 Dollars per metric ton 


Est. Salas 47446 . Prev. sotea *3491. 
Open Interest 1073*6 


Stock Indexes 

FTSE TOO (UFFE) 

125 per index petnt 

Dec 273U 271311 2719.0 —11. 

MOT 27545 27403) 77*10 — 12. 

Jon NX N.T. 2763JB —11 

Est.voJurne: lZ5SLOpen interest: 44J45. 


Market Sades 


NYSE 4 pm volume 
NYSE prev. am. close 
Amex 4 pjn. volume 
Adkm prev. cons, dose 
m i cha NASDAQ 4 pun. volume 
mt aiu. NASDAQ prev .4 pjn. volume 
7 i» — u. NYSE volume up 
52 _ C NYSE volume down 
n*v _ u. A me* volume up 
+ C Amex volume down 
JK T 2 NASDAQ volume up 

— 2 NASDAQ volume down 


C o pper electrolytic, lb 


Silver, trov oi 
Steel (billets), ion 


2221 XPfc 32* XHk + * 

2140 8JJ 6„ 8* +ljj. 

1919 1 > 1 JJ. IH — <5 

lA life 1 % — W 

30ta 2tM 29% — V. 


1685 10% ?Vj 

1679 35% IS 
1597 7V, 6U 


9Vi — *e 
3 SVk — V, 
6 *k — >A 


1496 16M 16V, l6Ve + Vfe 


Close Prev. 

848 816 

967 1001 

617 598 

2432 2415 

41 45 

30 29 


H.Y.S.E. Odd-Lot Trading 


Dec. 14 7 B &119 934490 15 

Dec.ll 736365 855.165 8 

D*C. 10 023467 9 IXBJI 8 

Dec. 9 WMJSH 997214 19 

Dec. 8 8749)0 14044 Q 7 44 

"Included In /be safes nouns. 

SAP 100 Indox Options 


RATES: Franc Under Pressure 


Amax Diary 


Strike CoUt-Lmi PW+lmt 

PrtciDK fe M Mr he Jn W MO 

jo — - - — h 16 — - 

S----fc* 9 k- 
3 SS — — — — A 4 — — 

111 J 1 - - S ft l» 16 

w m - - — w * in — 

OTOT4 - - 29toh Ik n Ik 
B522 - — — k 16 Ik - 



u 

n 

» 

» 

Mar 

9X16 

9X10 

9X15 

— (un 

— - 

A 

?A 

At 


s 

9500 

*503 

9X68 

— ooi 

15% 

% 

n 

Ah 

TV, 

9X13 

9X13 

9X17 

+001 

W- 

H4 

514 

Tte 

— 

Dec 

N.T. 

N.T. 

9*05 

+ 005 


5 

7* 

IM 

n 

M-r 

N.T. 

N.T. 

9422 

+ 0.02 

— 

9h 

int 

DV, 

— 

Jun 

N.T. 

N.T. 

9379 

+ 004 

4b 

Dte 


— 

— 

900 

N.T. 

N.T. 

9174 

+ 005 


New Minus 
New Lows 


Advanced 

Declined 


Id New York, the dollar eased VStonSSs 


191 431-k. — _____ 

, DA: WolwH. 94.112; toWoneo tat 426252 ££* 

' Me total vaLlBSlI; toW opeo IN. 410259 ST 

(MR Decn DecM OecH hctl Dec M 

: : : : S : B£ 

m*. m. u - - - m » siS 

1,21? « I » M t M » Oec 

1J85 «»---- 4 - Mar 

1-6K CM: total vet. ■Motet open laL 21341 JIM 

*217 PBNTtoWrtUJa; total ocmW.WLSIl El 


Est. votunw: ML Open Interest: 17 , 238 . 
>MONTH EU ROMANICS (UFFE) 

DM 1 nMIllaa-ptf of IN pet 
Mar 91.96 9148 9142 Unch. 

Jan 92 J 7 9268 9271 — OJH 

S 9 P 9 X 15 9349 93.18 — 883 

Dec 9379 9344 9125 —043 

Mar 9 X 57 9 X 52 9 X 52 —044 

JIM 9151 9 X 47 9 X 50 — IMM 

SOP 9 X 50 9 X 44 9 X 4 * —041 

Dec 9 X 32 9340 9342 +041 


4B- 9345 9X29 9X34 + 043 

IM 9 U 6 9 X 15 9126 +045 

ESI. volume: 37420 . Open Interest: 382 , 187 . 


S&P Downgrades Sears Debt 


U.S. FUTURES 


(Continued from first fkance page) purposes to place H 5 percent of the ^ayonced S S ^ 5 ^ * - * & - C & & tSS 

Dublin, referring to the EC mm- loan prcx^tkw^ thecentral bank g m $ = « i* - H* n I I ^ ™hm«-- 4 opAw «^™ 0B5 

ine in Fdinhurah 01 a noninterest-bearing aocounL Total issues 7 w 791 Jrfz J 7X¥L 

Mr. CTBrien^id he saw the cut That rolewih be abolished. SSI SS? ” " SgfflTASS KOSttiS aSBK 8 M»' 

in overnight rates as one to relieve The Portugu«e govenunrat also n*cn nen mcm dkr dkh dscm Jt£f 9277 ms St? 

plans to lift the ban on foreign NASDAQ Diary V Z Z Z Z l Z gg ^ IS =SS 

Foreign Exchange investment in noatmg-rate Tn» — — ^ ^ - - = i = SET %%%%%% Z& 

sury notes, known as Fomentos de c*®** Prrr - i» m » « 5 SSSSnS - 8 m 

money market pressures rather Investimemo PubUco. SSSUSd* ]'** jffi S» - - - - T - ££ +o£ 2 

than 10 boost the economy. In New York, the dollar eased 111 ? ca«:.wqi v»i.JIlh>!°! m. a)g_. j ?t, I?- 15 , +** T 

But some economists thought against the mark after analysts 

the move surprising given that took remarks by President-elect ■ ■■ ■ - -■ MBn^^HBoawwBw^Baw 

pressure on the punt and other cur- Bill Clinton to mean that he was U fi EMTIIDFC 

rencies near their floors in the hedging an earlier remark that Q JD*T> Tk n_Lx ***** 

ERM is widely expected to return seemed to support a strong dollar. OiXX JJOWllfiTcKIcS u 0 aT 8 U 6 BI ^ Awodawd pm 

in the New Year, when trading vol- The U.S. currency dosed at O 

ume rises. 1.5675 DM, down a whisker from Reuters open hk* low an 

Jl? eW f an ? on Monday. But against the NEW YORK — Standard & Poor’s Corp said Tuesday it cut its ratings 

“Sf-Sj ^ ft L^Har gained to 123.95 on the commetdal paper of two of Seals Roebuck L Cb.’s financS meat tan 

In Lisbon, the central bank said from l_ 3 . 65 . subsidiaries and put the parent company’s senior debt on review. s w-bu muiimim-doiiari peruustwi 

it planned to lift all restrictions on Tbe dollar rose to 5.3575 French c „ p , . , _ . . . ._._v . . 3 - 3 S 2 ftSija iSw uSS IS 

the movement of capital into and francs from 5 . 3545 , but the pound n! SftP cm ^c.commerciaJ ^per of Sean Roebuck Acceptance Corp: and ^ ig* A 5 v X 46 W Xo!fc x* 4 >? 34 * 

out of the country, starting rose to SI . 5670 from SL 5665 Duc^Credit Corp. to A -2 from A-l. Ii^dinoo, the A raungon about g ^ $*, $%£ S SS 

Wednesday. Portugal had been ex- Earlier in London, the dollar ^Vb^OT^iong-ierm secunties for SeanRoebudLSeare Ovo^ ag irr* d^ xja i 3 « tSw ^ 

pected to lift the controls Jan. 1 . hovered around 1 J 7 DM, in trad- Rnanee and Discover Credit were placed on SAP's CwditWatch list, with 
The central bank currently re- ing that dealers said reflected the n ^ fltivc un P ilcauons - wheat (Keen 

quires resident companies that bor- barest of interest from investors. The moves were linked to heavy losses from Hurricane Andrew on Sears' say ou mMtnwm- cwiara pw ev^at 
row abroad for noncommercial ( Reuters, Bloomberg} Allstate Insurance unit. mot afm aSife 

=. JuT X 3 h m iw i 

^ s» X 27 _ X 27 _J 344 * ■ 


ion roll K IK 1017 ]£? a 1 ST }?iS !?S 5 n - 8 :m DCTR On- (Reuters) - Preliminaiy data from major automobile 
7 «uo 71197 - 1 J 6 Brt imSuslU'm auk w 1030 a S-' IIS i 7 « SS IJ'S manufacturers indicated Tuesday that U.S. car sales in the Dec. 1-10 

fi«*« SJ-K tHv hioii low a o»* eh-** Mar 1842 nx 1840 i 84 o —042 period were running at an annual rate of 6-5 million units, up from 5.7 

mmEsuGWt^ jUT jtS ffij S j 7 ^ Zli million in the similv 1991 lime span, 

ndex TmTIwjImwm iSwo - 142 ’ 4 ??. ’rt 'nt ISm uSS: 11115 sales results from companies accounting for approximate- 

^ ! MT = m S£j^ 2 ft s n iSl? v ' so ‘ M43 ' w1 - ly 84 percent of the market. 

low cine ciroe oa nx n.t. 2*140 wzM - lm ‘ mw “ ,107,a “ Selling days totaled nine in the period versus eight the previous year. 

2*340 nx ISa zojb — 242 otnftk inriovoe 1116 seasonally adjusted annual rate was derived by using an adjustment 

loam. Prev. 13 *. open int. lasoT. ^ iuffei factor supplied by tte U.S. Commerce Department 

Metals 125 pw hMNX Mint « I 1 wyi I n 

gravta,^ g ® as |SS =jg Federal Express Posts Hi^ier Profit 

IffZEXtSr** J ^* t - oJi* inS«: 4 * 5 ^ MEMPHIS, Tennessee ( AP) — Federal Express Corp. reported a 43 

I laiS ifgiK 121940 123040 fSSSSS' t^t' ^l^SI ' percent increase in its quarterly profit as the air courier company 
t cathodes ihM Graa«) /«nr Petroleum Exchange. benefited from reduced foreign losses. 

, * r "Sxsi^iavajo uoojo 140 ijo ^ The after-lax income of S 37.9 milli on, or 70 cents a share, in the quarter 

M 2 S 40 1*2640 1 * 2*40 1*2940 gpOf CommoqllMMi ended Nov. 30 was up from S 26 J million in the corresponding 1991 

pef m ^SSo un mso 0640 2B7j,i! coMtiMcHiv Today pm. quarter. In March, Federal Express said it would halt its intro- European 

i 29940 3i»4o 29740 29740 ^ service, selling much of the operation to TNT Lid. of Australia, 

lor mine ton coww^ftcirdwic, m i4M Tim The Memphis- based company had revenue of SI. 96 billion in the 

i 4 b%iB »M4o ne!oo 586040 Lmdub tea tu2 quarter, up from $1.94 bulion a year ago. Federal Express reported that 

nr metric itw IfSi&Iitatsj, ion *7xoo *7XM losses in its international operations for September through Nov. 30 fell 

I maw iSJj jM 58*040 TT^lb apl ' ton 3W» 3^ 10 s37 - 6 million from $69.6 million in the like quarter last year. Shipments 

KcMHMb Grado) »n& it> ojo ojw were up 17 percent during the period despite intra-European deliveries 

,sr ^;M§s?*<>*840 10040 104840 being discmitinued. 

106640 106740 106840 10*940 DtvMmiltal 

Financial per a«i p-» rw StatesWest Airlines Is in Trouble 

i sterling ajFFn 0 ** chao ** distribution PHOENIX (AP) — SifltesWcst Airlines Inc., a Phoenix -based regional 

9276 044 cffiS jo?» iw? carrier with operations in California, says it is critically short of cash and 

?X 42 9 X 25 9 X 28 —ox* increased might seek federal bankruptcy protection from its creditors, 

no? ?x «9 9 U 6 -no First Mich Bk cp q .17 i -29 iHi StatesWest has about 275 employees and serves Phoenix and li 

mu 9276 win Tus “™™ ,t2Z California cities, where it operates as a feeder airline for USAir in Los 

mmm -842 . _ Angdes and San Francisco under the USAir Express name. 

9 L 9 i 07 ? 9 T 7 i — a® LwJcodia woti^T-tor i StatesWest failed in a recent effort to raise cash by offering to exdianEp 

luma?' isra. open Marwi : '* iauatsuPaper its stock for warrants it had issued previously. The company also cited 

. nwnnm . n .«wi fclas ^ 1U low air fares, flight cancellations, maintenance costs, a strike in October 

3 75 w vn against USAir and the CaH/omia economy for its troubles. 

Q -34 1-12 12-44 

Q tKOS 1-28 12-24 _ _ 

FortheRecord 

q ‘ K m T 3 - 2 * Mycogen Corp. and S-C Johnson Wax said Tuesday they had found 
|- 12 Jg ^ ^ natural protein toxins that coaid lead to new weapons m the war on ants 
q 43 I-}? i»a ot ber household pests and that a new consumer product could reach 

o -is ^ the market in two to three years. (Bloomberg) 

- m ] m 1-72 The CaBornia Pubfic Employees Retirement System, one of Westing- 

a m i » i 2 - 3 i bouse Electric Corjx’s largest shareholders, has written to other investor 

9 X 32 93 Jd 9 X 22 +o 6 i ] ® ,io iw mi expressing “enthuaasm and support" for the conmany's restructuring. 

^ nS + 0 W !SSR^SS 5 SSSL 5 r^ The retirement system had been openly critical of Westinghouse before 

umo: 37428 . open interest: 352 , 187 . | sourer.- upi. the beleaguered company announced its changes. (Reuters) 


soot 120140 120240 129540 119640 

p. _» Forwort 122440 122SJ® 171940 122040 Log fen. NH H n mUal Future 

5dles COPPER CATHODES (Hleh Grade) inn Petroleum Exchange. 

— ■ .. Sterling per metric tan _ _ 

Soot 139740 139X50 140040 140140 . _ 

Forward 142540 143640 M2840 142940 SpOt ConHIMKlItlOS 

i Fan ■■ ■ ■ 

Sterling per metric ton _ nnrmtih Tn ^_ 

Soot 28940 29940 20640 2W40 T*™ 

Forward 29940 30040 29740 29740 fflgTffh. 11 ',,. °£S 

Ninrci LOTiMr BfULr ID (UM 

Dalian per metric ton *** JiS 

Snot 575040 576040 576540 577540 ran FOS-tae 21XB 

Forward 582540 583040 584540 586040 Leoaib O 

tim silver, troy oz 3L71 

Poiian per m etri c hut sieel (billets). Ion 47X0 

Sot 56B040 569BJ3B 5270.00 578040 Steelserapl.lon KJC 

_ . . . . __ " Forward 574040 S75040 583040 584040 3400 

^OckM^TradBiig - 0JI 

Buv Sales Short* Forward ils&flO 9^740 ioSS lowS DtvMmiltal 

788,119 934490 I5J29 — - 

W ^ Finance ^ AjW 

!K 1^ W »N1 uw ON.CN.W COn,,W DISTRIBUTIOM 

— Sr^ KJS 9276 -044 Circle I n» Son 

D Indttx Options mot tiu ms ua — aw increased 

Jna 9347 9341 9348 — 847 - ,, 

Dec. IS Sap 9X61 9X49 9156 — 003 P int MWi gk Cp Q .17 

H.IMI Cx 9127 9X17 9323 —042 Tuscarera PH» S Jl 

•Wmr INC STS *55' ^ Iffi STOCK SPLIT 

- = i i ' - SK: fttl R5f SB =£S {ggaafigHST” 

; : J s 7. r. Mtnr N.T. N.T. 9176 — 045 Wouaau Paper — +tor-3 

_ _ tk * m 1K Rsl- volume: 4U9X Open Inlerast: 2(7470. USUAL 

- 29 *. Vt A 7 K U . EUROODUJkRS (UFFE) 

- — ta is Ik — si million - pts ef M0 pet 


Allied Copttot 
Circle IncoSnrs 


.17 1-29 12-71 
49 1-4 12-22 


STOCK SPLIT 



MMntMl; aOmudei rate; m-melMv; + 
eeortertr; a ce ml anneal 


VtoAegdaMPiw 


Season Season 

Hlflti Law 


it cut its ratings 


Open Hl«ti Low Ouse cue. 

Grains 


WHEAT (CRT) Est. Sales 1118 Prev 

->.1 bo m UH m um- do. lars per bustwl Prev. Day Open Int. 62 

4.40 112V, Dec 474 ITS 37046 371 — 4316 — im nrw 

A 1 BW 11914 Mar. 162 343 VT X 39 V. 340 Vi —42 SSKSSp iEir=i.'C r 

IJS lit Mnv 1A*Vt .un. t **u, rrrw LS4001DS.- cenrsoer rt>. 


S HiSh n 5 < SS n Open Higti Law Close difl- 

1368 1154 May 1121 +4 

s. Ill & IK A 

Esl. Sales 2,118 Prav. Sales W 
Prev. Day Open Int. 62491 UP 362 
ORANGE JUICE (NYCfi) 


118 MOV 346 W 347 V. 344 VJ 34416 STM 

342 Jul 372 "4 322 V, 119 119 Vl — 43 V. 

347 V. Sep saetk 377 126 1269 * —42 


137 — lQ2 

1T9VS —.03 


TftS 16340 9045 Jan 934 S 9 * 

“rS 14540 9230 Mar 9675 73 

ZS T H 7 S 9250 May 9760 91 

Zm 13040 9250 Jul 97.75 99 

—** 114 SI 9240 Sm 9750 96 

11675 9240 Nov 97.50 VI 

11740 52 iffl Jan 9&30 9 « 

10948 SOBS Mar 

10040 ioojK) May 

&LSales 248 Q Prev,SaN»_ _2471 

Pfew Dnv ftne w Inf 11.1111 aM lifl 


3 n. W ^ Open High Law Close Chfl- , 

+8 BRITISH POUND (IMM) 

a lperpaund-lPoInteauatsSQOOOi 

15*00 1.4900 Mar 15480 15570 15480 15536 

17170 1.4810 Jut 15430 15460 154 HI 15426 

Sep 15344 

Est. Sates 4553 Prev. Soles 6.100 
- • Prev. Day Open Int. 305)9 ofl 453 
140 CANADIAN DOLLAR (IMM) 


9035 Jan 9X39 9440 9250 92.78 —140 CANADIAN DOLLAR (IMM) 

9230 Mar 9675 9775 95 >0 9648 —.90 Sperdlr-1 point counts w.0001 

9258 May 97 jW 9858 9740 9058 —40 5385 7610 Mar .7740 71 

9250 Jul 97.75 V9.10 7775 9940 —.15 JQ60 7532 Jun .7894 T. 

run S«P 9750 M 9758 91133 —25 JIMS 7515 Sep 7650 Jt 

9240 Nov 9750 9940 9750 9845 —50 4283 7470 Dec 7635 7( 

S2J® Jan 902 0 9*50 9020 9005 —25 4712 7600 Mar 

9X08 Mar 9645 —25 Est Sales 2479 Prev, Sales 4481 

iMiffi) May 9005 — 23 Prev. Dav Open Int. 29436 Off 519 


0385 

7618 

Mar 

.7760 

7763 

7733 

7740 

—33 

JQ60 

«tti 

7S32 

Jun 

.7694 

7700 

7470 

7679 

=s 

7515 

Sea 

7650 

7655 

7635 

7635 

0283 

J47D 

Dec 

7635 

7635 

7615 

7599 

—36 

0712 

.7600 

Mar 




7560 

-37 


isite — SlE Prev. Pay Open Int 17,130 off 148 

HL = Metal® 


WORLD STOCK MARKETS 




Agenee France Praue Dec IS 


Amsterdam volEswooen 

ABN Amro Hid *9.90 5070 wfc,ln _ 40,01 

ACF HOkJIng 3470 3470 DAX hides : 748174 

^ 25 } 

13670 Pravhms : 58148 

5950 

sl Helsinki 

m <£ assess r s 

7140 Hufihunokl 170 

HBJffl K-O.P. 10 

1440 Kvmene 67 

323S Metro 103 

17550 jfOfcjO. 95 

17170 Pontota *8 

77 PI Reoolo 44JO 

3070 Stockmann 160 

5XH 
52.40 

21 JO 

3040 Hong Kong 

nx Bk East Asia aua 
3JJJ Camay Pecltk 9 JO 
19J0 OwunoKanO 18.10 
«18 S 00 * Ltotit PWT 3150 
J*40 Dairy Fiam Inti 1170 
5J6Q Ham Luno Dev 850 
Hang Sens Bank *725 
Henderson Land 1348 
.its HK Air Eng. 1820 
lfl/JO FIK rK4nn rim li«n 
3270 HK 
HK 
F19 HK 


3203031950 Glaxo 
Z4A55 241 Grand Met 

6004 60S GRE 


Aegon 7950 

Ahold 
Ak*o 
AMEV 

ATtom Rubber 
Bole 

Buhrmarm Tell 
CSM 
DAF 
OSM 
Etaevier 
Fokker 
Glsl-Brocodes 
HBG 
Heine ken 

• wBuvno 

Hunter Douglas 
iHCCaiand 
I nier Mueller 
inn Nederland 
KUIA 
KNP 
Nedllovd 
Oce Grtnlrn 

Pakhoed 
PWltos 

Rotwca 

Rodamco 
Rot Inca 
Rorenta 
Royal Dutch 
Slant 
Unilever 
van Qmmeren 
VNU 

wessanen 
• Wollers/Kluwer 


Guinness 

GUSA 

Honauu 

tUllsdown 

— Inchcope 

I Ktooflaner 

1 Lndbrofce 

99 100 LondSec 
3 4 24 Loporto 

170 162 Losmo 


8JD Dominion Text A TV, TV, SCA-A 

477 Donohue N.Q. — 5-E. Bortken 

171 MocMUIoiBI 164 164% Skandto F 


Brussels 


Acec-UM 2025 2 W 0 

AG Fin 2000 2050 

ArOed 1835 1890 

Barca 1264 1278 

Bekaert 12300 12375 

Cockerlll 91 93 

Cotmoa *215 4215 

DeinalM 1360 1356 

Electro Del 5500 550 * 

GIB 127 D 13 ® 

GBL 2630 2690 

Gevaerf 6190 6150 

Kredleitmnk 5560 5570 

Petroflna 7490 7990 - ._,. v . 

SESSSL. 13 w! 855 ®®*”“’ 

Sec Gen BOMIOue I79S 1800 

Safina 10075 — — 

3 E%wi ™ .Johannesburg 


10 1070 Legal Gen Gro 
67 67 Lloyds Bank 

103 100 work s 5p, 

95 9550 MBCdradWI 
48 4&50 ME PC 
4*50 45 Natl Power 

160 IS NatWest 
, NthWst Water 

Pearson 
P&Q 

PllkJngfsn 

” “ PtwerGen 

)Og ProdrriTlal 

“ Rank Ora 

Rodent Cal 
Redkmd 
Reed Inti 
Reuters 
RMC Group 
Rons Roy ce 

R othmans 

%F 5CJ * 

Salnsbury 
Soot Nenoas 
Scot Power 
Sears Haws 
Severn Trent 
Shell 
Slide 

Smith Neahew 
Smith Kline B 
Smith tWHl 
Sun AJilonce 
Tate & Lyle 
Tesco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
Uid Bbculti 
Vadattme 
War Loan 3V, 
well com* 

wtii thread 
Williams Hdgs 
Willis Carman 

mm F.T.jeinaex - a 


442 Non Bk Canada 
1650 P o w e r Corn. 

273 Quebec Tel 
1.10 Qtwbecar A 

10.17 Quehecor B 

443 Tiles lobe 

542 umva 

148 VMearron 

Jl 

1 * 3 ^ 

4.18 — — 

X 1 S P«** 

258 Accor 
348 Air LMuWe 

272 Alcatel Aismom 
X 93 Axa . 

471 Boncoire (Cle) 

340 BIC 
457 Bouvaues 
040 BSN-GD 

273 Carrotour 
241 C.CLF. 

ATS Conn 
643 Choroeurs 
3.48 CIment* Fronc 
675 Club Med 

^sj 7 

IS iS&and 

149 Hochette 
648 Haym 

543 tmetaJ _ 

448 Lafarge Coopee 

236 Leuronei 
058 Lyon, Equx 

448 Oreal (LT 

SM L.VJVLH. 

357 Metro _ 

1.63 Merlin Germ 
111 Mlchelln B 
*48 Moulinex 

XI? 126 Partbos 
198 193 Pechlnev Inti 

248 Pernod-RIcanl 
Bit Peugeot 
2*4 Prtotames (Au) 

140 Rndtotechnique 
1075 Rail. St. Louis 
346 Redouta iLa) 

449 Satin Gahaln 
39 Jl S£ 4 . 

1078 Sio General* A 

450 Suez 
XOB Thomson-CSF 
146 Total 

grja UAP. 

Voteo 


S^?S 5 ?SS :27,W 




Frankfurt 


AEG 

Allianz Hold 

Alfana 

AUD 

BASF 

Bayer 

Bav. Hypo bank 
Bav Verelnsbk 
BBC 

BHF Bank 
BMW 

Commerzbank 

Continental 

Daimler Ben* 

Deauua 

Dl Babcock 

Deutsche Bank 

Douglas 

Dresdner Bank 

Fetomuehle 

Hor p ener 

Hen*el 

Hochltet 

Hoecnsi 

Haescti 

Hfllzmam 

Harm 

IWKA 

KOI, Sol: 

Kantoat 

Kauttiat 

KHD 

Kloecknef Wertie 
K rune Stahl 
Linde 
Luftnama 
MAN 

Mannesmann 
Metolloescil L 

Muencn Rueck 

Porsche 

Prevwag 

PWA 

RWE 

RheuimetoK 

Scnerinfl 

S 6 L 

Siemens 

Thrsvm 

Varto 

veoa 

VEW 



Blnoor 

Bullets 

De Beers 

□rtetanteln 

Gencar 

GF5A 

Harmony 

Hjfltweid steel 

Klaaf 

NBdbank Grp 
Randtantein 
RuspM 
SA Brews 
Si Helena 
Sasol 
welkom 
Western Deep 

Com padre Sloe 


Madrid SmPrtta ^ 

y? BBV 2470 3465 . v". , ™ KirtlBi 

f S nS Beo Central HISP. 2915 2925 Bonco do Brain 4« 480 K QmoN 

E 25 Banco Santander 4480 4490 g2"«w JS K** 0 ™ 

.75 4440 n_i, BrodMCO 307 3M twwi 


2150 2150 Dnnmdoj 

W -ggg p£* 

a if TS Ercras 


32 3250 

9.75 970 »S5Sil» I 
6075 60 SS£i * 

ii i s Sr 

IS !ttf MJST 3 .JI 

fcB 3 D 

"■B ^ Mil 

1550 1575 A lento 
13 13 Banco Comm 

49 48 aatqoi 

ndnx JS34 Benetton gram 


western Deep 49 48 Bostool 

'SSKTSS *™"'” 1 BSm 

CIR 


2115 2095 Brad&MO 297 m Kyocera 

2575 258S Brahma 1S*0 1509 Matsu Elec IndS 

1385 131$ Poranoponemo .Hi rai Matsu Elec Wks 

3660 3710 Petrobras 20IS0 2NU0 MitsubfeMBk 

02 »3 Tetabras 13850 isi MltsuMsiri Kaset 

683 673 Vote Rio Dace 685 418 Mitsubishi Elec 

2765 2765 Vorlg 1550 1530 AAllsubtdil Hev 

3735 3725 Bovopo Index - 49987 Mitsubishi Corp 

1125 I11S Prevftw* : 5216* Wfcu oj^ Co 

■ «|i«s M|T3Un03Tll 

• Mitsumi 

NEC 

ttlnnniwM ngk insulators 

Singapore Ninka searum 

Ceretxjs 456 446 Nlppan Kogaku 

City Dev. 386 350 Nippon Oil 

DBS 11.10 li.io N ippon Steel 

Fraser Neave I07D ltjjo NtoPonYusen 

Gent Ing 9SB VJO Nissan 

GaWen HonePi uj ui Nomura Sec 

How Par 220 274 JJJT 

Hume Industries 170 162 Olympus Optical 

iiKMape S35 570 Pioneer 

Keooet 6.15 6.15 Ricoh 

KLKeponfl 109 Xlfl Sanyo Elec 

Lum Ctxtnfl 193 054 fhorp 

MaJavan Banks 670 655 SMtiiotj 

OCBC 850 855 SWnetsu Chem 

OUB 453 440 Sony 

OUE ABO 655 Sumitomo Bk 

Sembanm 750 775 SumltomoChem 

Shangrtto 452 452 Suml Marine 

ulmc Dortry un 358 sumUamoMefai 

SIA IX IQ lxto Tojsel Carp 

Sdore Lend 358 358 Tolsha Marine 

S'ssare Press 955 955 TakeoaChem 

sing Steamship 2.14 2.14 TDK 


London 


Aobev Nan 
Alllad Lyons 
ArloWtogtns 
Argyll Group 


354 354 Feriln RtSP 

6 654 Plot SPA 

171 179 Generali 


Argyll Group 358 158 IF I 

Ass Brit Foods *i» 4.70 I to teem 

BAA 750 7 JO | [0 [90S 

BAe 140 150 italmoMllare 


BAT 
BET 

Blue Circle 
BOC Group 
Boots 
Bawater 
BP 

Bril Airways 
Brit Gas 
Brit Sieel 
Bril Telecom 
BTP 

Cable Wire 
Cadbury Sch 
COOK Vivelta 
_ Communion 
253 Courtaulds 
736 ECC Group 


Bonk Scotland 122 121 Mediobanca 

Barclays 180 350 Montedison 

Bass 6JM 6.11 Olivetti 

BAT 945 950 Pirelli 

BET 052 054 HAS 

Blue Circle 1.73 179 Rlnascenle 

BOC Group 746 751 Salpem 


U5 570 Pioneer 
A)S 6.15 R*O0h 
259 X10 Sanyo Eke 
0.93 094 S»li 


s we »s F £“5 ^sr SortTa 

144k Ufa SKF 7UD 7Z50 BC Phone 

164k 164k Starts 200 280 BF Realty Hds 

3 1 wssssrtt-™ 

I61k 164k .. Comdev 

Sydney Canadian Pacific 

ANZ 273 250 Can Puckers 

SHP 1252 1248 ConTTreA 

Boras 251 250 Canadian Turbo 

Bougainville 053 055 Cantor 

cotes Myer *55 *53 com 

Cofntdaj 255 256 CCL Ind B 

CRA 1276 1258 Pnepte* 

CSR 199 4JB Corolnco 

Dunlop 471 5 Conwesf ExpI A 

Fosters Brew 176 ITS Corona mil 

Goodman Field 156 179 Denison MlnB 

ICI Australia 576 X90 Dickenson Min A 

Magellan 250 250 Dotora 

MIM 3J> 257 DyfexA 

Nat Aust Bonk 7 JO 770 Echo Bay Mines 

News Cora 2952 30.14 Eourty surer A 

Nine Network 271 250 FCAIntt 

N Broken Hill 226 228 FedlndA 

Pioneer Infl 278 279 Ftatchor Chali A 

Hmndr Poseidon 176 132 FPI 

QCT Resources 1.13 1.11 PoldCorp 

Santos 252 lie Grafton Group 

TNT 069 5S Gulf CdQ Rea 

Western Mining *78 *71 £***, lr £_ 

WgtoacBanktog 356 158 HyntoM Mine. 

■ Inca 

Tokyo iSSS S VPIB * 

422 Labatt 
596 LablawCO 

963 AtoCkenzIe 
1330 Maona inti A 
1140 Maritime 
1340 Mark Res 
i MO MacLean Hunter 

*23 MalsanA 
1300 Noma Ind A 
1430 Naronda Inc 
867 Naronda Forest 
3510 Norcen Energy 
1000 Nava Corp 
2630 Oshowfl 
562 Poourln A 
741 Placer Dome 
561 Poeo Petroleum 
1310 PWA Cora 
3740 Quebec Sturgeon 

575 Royrock 
814 Renaissance 
2310 Rogers B 

289 RoHunons 

1150 Royal Bank Cot 

678 Royal TrustCo 
553 Sceocre Res 
43So Scoffs Haw 
1140 Seosram 
935 Soars Can 
2350 Shell Can 
403 Sherrttl Gordon 

469 SHL Svstemhse 
547 5«jtham 
847 SMTAerospoce 

681 Stolen a 
728 Teek s 

1850 Thomson News 

660 Toronto Damn 
909 TarstarB 
635 Tronwlto uill 

682 Transom Pipe 
612 Triton Flrfl A 

290 Trlmac 
493 Trtiee A 
564 Unlcorp Eneray 

1500 Woodward's Lid 

ffiSf'rSM" 


ANZ 

SHP 

Herat 

Bougainville 

COtos Myer 

Comtdco 

CRA 

CSR 

Dunlop 

Fosters Brew 

Goodman Field 

ICI Australia 

Magellan 

MIM 

Nat Aust Bonk 
New* Cora 
Nine Network 
N Broken HIB 
Pioneer Inri 

OCTREES?" 

sit 

Western Mining 
Westpac Banking 
Woods toe 


Tokyo 

Akal Electr 
Asatil Chemical 
Asahl Glass 
BOTkal Takvo 
Bridgestone 
Canon 
Casio 
c.itoh 

Dal Nippon Print 
Dalwa House 
Dotara Securities 
Fonuc 
Full Bank 
Full Photo 

Fullfsu 
Hitachi 
Hitachi Cable 
Honda 
ItoYohodo 
Jopon Ahilnea 
Kallmo 
Kansal P ower 
Kowasakl Steel 
Kirfn Brewery 
Komatsu 


Prv5ai« PrevDay Open Int Cho. 

1791 26,131 —5? 


X12VS Z13W +50*i 
221M 272V1 +50V4 
229% 270 
23446 275V, —5016 
239 239V. -MV* 

143 I« — vflOVi 
25946 250 —51V. 



(UR SOYBEANS (CUT) 

1416 5JH0bumtn<ntum'dollarsperbushel 
039 439 572 Jan 571 5711 

tVt 454 £38% Mar i74Vj 5751 

5W 458Vi 146 AViv 579 iBH 

105 671, Sfl Jut 555V2 556V 

25% 47 Wx 5J1 Aug 557V. 558V 

14H 415 554 S«J> 556V, 557V 

14V. 430 555M, Nov 191 5524 

164k 454 5.76V, Jan X99M 6JMV 


i HI GRADE COPPER (COMETO 

W tb&r cents per Rx 

a 9150 DOC 9870 9850 9820 

TV57E 2SI Jan 9875 9950 «50 

11450 S&SS F«t> 

11450 nm Mar 9975 99.95 9978 

11150 9S.40 Apr 

13218 9370 MOV 10850 10055 99.95 

109-60 • 9775 Jun 

1070 9550 Jul lOOJD 10170 10070 

1670 9530 Aufl 

! m.1 g 95M S» 10170 101.90 18170 

'M55 9475 Nov 


10970 9750 Dec 10200 1(050 1(050 

572 Jon S71 571 V. 559V. A70V —50V lg-« 1JJ40 Jan 

5J8V Mar 5.74V, 575V 573V 57JR6 -50V 'g* W « M™ - 

546 Mav 579 iBOV SJSVi 550V. -JtaW »70 9950 May 

551 Jul 555V2 556» S5416 SJBV -51 Jul 

551 Aua 557V S58W 557 557 -vB2 Sep_ 

554 Sep 55695 557W 556M SSTYi — jOivs Est. Sales J3J00. Prey. Sotos 1053 

555W Nav in 572V 590V 552 -Jl Prev. Dav Open (nt. *6,162 up 715 

57619 JOT 5.99V 650V, S|99i MJVS — JOW SILVER (COMEX) 

_ mo v .3.99 5500 troy oz.- cents pot travai. 


GERMAN MARK (IMM) 

I Saer mark- 1 point eauals 800001 

■ -SS ^ 3,777 1X5 -“92 +n 

-6220 5070 Jun 5210 A233 5210 5225 +11 

5720 5142 Sea 5177 +11 

5650 5100 Dec _ 5144 +11* 

Est. Sales 19500 Prgv. Sales 287*9 
+.90 Prev. Dav Open lnt.162749 up 29S 

"tiwS JAPANESE YEN (IMAU 

Im Soeryen-lpalni eauals *500001 

+5 J 5S22. - 007 * *? Mar 500^5508075 508054 508058 -33 

IS 008320 587745 Jun 501078 5080)8 508042 500063 —25 

T-S 000108 500040 See 50BQJ'* —39 

+S “WMI -““SI „ D«C 508103 — O 

i'S Est. Sales X924 Prev. Sales 4581 
Jg Prev. Day Open Ini. 51501 off 930 

+■» SWISS FRANC (IMM) 

+5S iperltanc-l point equals S0500 1 » 

+45 5140 57M Mar JTM0 .7067 .7030 .7041 -4 

JUJU 5750 Jun 7007 7040 5999 7008 -4. 

IS I 5920 5735 _Sep. 5989 -4, 

Est. Sales 7,912 Prev. Sates 12551 • 

+55 Prev. Dav Open Int. 50470 oH 1.94S 


NOV 199 559 559 

Prev. Sates 34709 


Industrials 


prev. Day Open int.IT7.S84 up XI 71 



18778 188170 —.10 

18*70 18550 —JO 
18370 18450 — JO 

18340 18440 —40 

18450 IM JO —JO 
185J0 18190 -40 

18450 18450 — 40 

187 JO 18170 
19050 19050 


c.- cents per trov ox. COTTON KNYCE) 

3410 Dec 3700 3700 369J 369.1 -JJ 50USM lbs.- cents per lb. 

3665 Jpn 3705 3705 3705 3495 —15 67.30 502 Ma 

Feb 37TJ —15 6425 S2.15 Ma 

3465 Mar 3725 37X5 37X0 3727 —15 6449 5350 Jul 

3705 MOV 3MJJ 3765 37 55 374J> —15 64# 5448 Oct 

3725 Jul 3775 3705 3775 377J —15 6425 5450 De< 

3755 Sea »J —15 6140 5142 Ma 

MO Dec 3847 —15 4IJ0 60.99 Ma 

3825 JOT 3857 —15 Est.Sales 3500 Prev. 

OT5 Mar »95 —15 Prav. Dav Open I id. 39. 

3905 May 3937 —15 


6700 

5172 

Mar 

5X34 

50.70 

5X25 



6X25 

SX15 

May 

5940 

5975 

5970 

5909 

6X49 

54.40 

Jul 

6045 

6003 

MTS 


+.11 

6449 

Oct 

5905 

5905 

5900 

5970 

+06 

6X25 

5660 

Dec 

5975 

5975 

59.00 


+.10 

6140 

SSj62 

Mar 






61JU 


May 






Est.Sales 

3*500 

Prey. Sales 2741 





3905 May 3937 —15 

39*5 Jul 3995 3995 3995 3975 —15 

«3 Sep 40X1 —15 


SSI 31 i& mi 

Est.Sales 2500 prev. Sales 2208 
Prav. Dav open Int. 71257 Oft 459 
PLATINUM CHYME) 

50troy az.- dollars per irav az. 


2063 2072 —.11 39450 33950 Jot 36450 36550 24350 34450 -50 

2070 2081 — 59 J2”0 340J» 4pr 36X30 36X00 36150 36250 —140 

20.91 21 JQ -58 34050 Jul 34150 36150 36050 361 JO -150 

2153 21.16 — M 37150. 35150 Ocf 34250 — 150 

21.14 ZLZ7 — 53 Est. Sales _ Prev. Sales 1592 

21.18 2126 —51 Prev. Day open Int. 1S730 off 412 

2I-3B 2-S — "S GOLD (COMEX) 

2,'JS 2J"3S Zm IM troy csl- dot tors per rravaz. 

21.12 2127 +51 60650 32850 Dec 33450 31S50 33440 

40*20 M050 fS 33550 33550 33X30 


Livestock 


a Utf ( 2 SS> 

mo tbs.- cents r 


1500 lbs.- cents per lb. 

79 JT 67JD Dec 79 JO 2942 79.10 7932 — J18 

52-IS f** 762S 7425 75.90 7405 —25 

7450 69.25 Apr K9S 7575 7S50 7S57 —JO 


41850 moo APT 33468 33670 336.30 

4«sg mio Jun 33130 33840 337.90 

426JD 33250 Aug 

395j 00 341 JO Oct 

38X00 33850 Dec 34X20 34320 34320 

37480 3059 Feb 

36050 APT 

38X50 34850 Jun 


6*50 Jun 7250 7252 7X15 7222 —20 3*550 34XS0 Aua 

6750 Aufl 7075 7075 7X60 7045 —.17 ] _ Oct 


Financial 


UST, BILLS (IMM) 


7140 4755 Oct 7140 7140 71.10 71.10 —28 Elt.SqteS JUDO Prev.SOteS MM 

»°* c - 7150 71J5 7150 7150 Prav. Day Open hit. 99437 up «3 

Est. Sales 9553 Prev. Sates 16486 — — — — 

Prev. Dav Open int. 69590 up 22 IB Flnnndi 

FEEDER CATTLE (CMS) 

l4JWIbS.'CWtipflrlb. US T. BILLS (IMMI 

^ %5I Jon B* »« SI mliltorhPteoftOOpcf. 

545 y° r WJ 7 B345 8X40 —47 97J9 9440 Mar 9455 96 

S-12 ein —40 97.13 9479 Jun 94.17 96 

E-S n *2 — 33 wje sep 95.52 ?s 

^ S 9 SIS — -O 96.18 9113 Dec 9SJ9 9S 

Sm vim rS £H2 22^ 2‘S “S BtSOlB X432 PrtV.SdeS 1/tn 

2nS S. 28-15 5SvP S-S 23 — -s Prev.oavopenlnt. 

S350 7745 NOV SJ.05 8X05 7950 797S —25 

Est.Sales 1,111 Prev. Sales 1272 
Prev. Day Open Int. &0M up 79 
HOGS ( CM E) 

40000 IK.- centi per lb. 


xm SS ^5 Timiinon-ptsofioopcr. 

K-l? fif-3? S4S S-B 9A4? Mar 965S 9443 9454 9640 +56 

S3- 15 S-1Z tZX —40 97.13 9499 Jun 96.17 9629 96.17 9626 +58 

E-5 B, 'S — ■ 33 96-66 9552 Sep 9582 9590 9552 9587 +27 

31.15 8055 m3 5 —M jfe.18 9113 Dec 913* 9146 «3* 9145 +59 


H EATING OIL (NY ME) 

42500 out- centsper gal 

4740 5X75 Jan 3X95 5425 5X60 3X70 —Mr 

4570 5450 Feb 5550 5S2S 5455 5470 —4* 

4X50 SX10 Mar 5520 5540 5*80 S450 —51. 

6870 5X25 APT 54.40 5455 54.10 54.10 —41 

59.15 4950 May 5350 3X60 5325 5125 —Jf 

5823 50-00 Jun SX15 3X15 53 jOO 5350 —51 

5820 STS Jirt 5X60 5X60 5X35 5X35 — J* 

58,5# 5343 Aug 5440 5440 5425 5*25 +46, 

5955 5450 Sep 5520 352S3 5520 3520 — .rf 

6070 SS-90 Ocl 56J0 5650 5650 54J0 +41 

6250 5755 Dec 58.10 58.10 58.10 58.10 +51- 

U23 582S JOT »4# 040 38.15 5X13 -M 

Est.Sales Prav. Sales 50,275 

Prov.Oav Open Int.l 36476 off 1470 ' 

LIGHT SWEET CRUDE INYME) 

1JJ00 bbL- dal tars per bM. 

2X3# 1X62 Jan 1X99 19.11 1X94 1874 —.15 

22.10 1867 Feb 19.12 1921 1978 19JM —.12 

71.91 1026 Mar 1922 1920 19.18 19.18 —.IB 

2125 1X75 APT 1926 1925 1726 1927 -JS 

2142 1X93 MOV 1925 1940 1922 1922 —JOB 

2150 1867 Jun 1940 1944 1926 19J7 —.05“ 

21 - 3 ? !35 i* IM 1?60 1926 1929 —53 

21 J* JBfi Aug 1959 1*45 1928 1928 —2+ 

7120 1870 Sen 1929 1945 1928 1942 

21.15 1920 OCt 1929 1942 1928 1940 — 43 

21.15 19.13 Nov 1928 1928 1928 19J8 — S 3 

2120 19W Dec 1942 1942 19-36 1942 -JET 

21.15 1*20 Jot 1929 1940 1927 1940 — JO 

2X39 1925 May 1923 1923 1923 1923 —06 

21 JB 19.18 Jun l?J3 1926 1923 926 -JB 

Kg O0C 1928 1928 1925 1927 +.82’ 

J 2 -S IM K- 3 ? 1*28 — js- 

E^Stes ,,J0 pSEiJL *»&* 19M ,fM 

Prev. Day open (nr2«42Z7 up 42*3 


107-11 107-1*5 +4 

10+07 106-14 
109-14 105-17 +4V1 

104-21 +4W 


JUDO IDs.- cents per lb. 

4S.1S 39.10 Dec 4*72 4472 4425 4447 —23 

£-5 4X60 4175 —27 

3*J7 APT 4209 4X02 4145 4X00 +28 

4195 JuT 43JD 4575 4545 S +13 M YR. TREASURY (CHT) 

4475 £70AOT44J04^E«a3Zj2 „ 

41 JO 3? JO Ocl 41 10 41.10 41JJJI 4i m _is 110-20 99-15 Dec 107-10 tBT-17 IW 107-14 

4U0 41 JO Dec 4X78 4170 4US Jjm WM 97-24 Mar 10550 106-7 105-28 10+2 

E^Sales XIB PrwTSaies STM 42M W-7 100.14 Jun W+2* 10+38 104-14 w+M 

Prev. Dav Osen Int. 3l4MoflXG ' ]S?t, Sw 103-2J 103-23 1»W lW-i? 

^CBEUJESTCME, EfcSte* ” PmJCta 4 XM 1 ” 


UNLEADED GASOLINE (NYME) • 

4xo«^i- centsper sat - 

S-ffl S-S J” 31,5 52J0 sins 5223 +23, 

6X50 51.70 Fee 5X65 5325 5XS0 52.73 

UM jf tar 5425 5425 5375 S<1J5J —OP 

££ as ss ss H 3. 

SI? SiS iff OT55 w - 50 

6225 5720 Aufl Sj£ 

«^5 5720 Sea 56J0 - 

S™ S'* mm . 

_5J5_ 5X30 Dec 5155 

Est.Sales _ Prev. Sales 21 jot 


OCBC 

OUB 

QUE 

Sa mb a w OT B 
Shangrtto 
Slme Darby 


5.15 523 San Paoto Torino 

435 *74 SIP 

X23 223 SME 

175 ZOO S"to 

2.72 X7I Wanda 

053 054 Slot 

182 181 TaraAsslRtsp 

lit ui SSISEiiT 

423 *51 

XU X13 

gg £3 Montreal 


Slme Darby XD2 X0S 5umih 

SIA 1X10 UtO Toted 

Stare Land X88 388 Top* 

Stare Press 985 90S Takes 

sing Steamship xu xi* tdk 

Strolls Trading X89 X91 Tellln 


PORK BELLI ES(CME) 

4ium lbx> cents per lb. 

4920 3570 Feb 3X45 3X80 3X15 

#?J0 3X55 Mar 3840 3822 3X38 

3020 3025 MOV 3982 40.15 39.55 

4670 3620 Jul 4X55 4U5 4020 

SSM 3680 Aug 

Est.Sales 3228 Prev. Sales 1619 
Prev. Day Open int. lXft59.-irff 335 


£77 +87 US TREASURY BONDS (CBT) 

4X15 +15 IBPCMMJOOptS A JZndsaflOOl® , 

in SSL fiSiKSISS 


85-6 Dec 104-31 105-6 104-20 10H 

90- 16 MOT 103-25 104-1 103-21 10X29 

*82 Jun 102-19 102-87 102-16 102-74 
90 Sen 101-23 101-23 101-14 101-OD 

928 Dec 1 DO-22 100-22 100-U 100-11 

90 Mar W-17 W-H 99-17 99-19 

91- 6 Jun 90-23 


Zurich 


Adtaintt 185 187 

Alusulsu 380 M 

Leu Hokflnas 290 295 

Brawn Bavert 3260 3260 

Ciba Getgy 644 646 

CSHOjOtog 1990 2010 

E iktegw 8150 2150 

Fitetier 6SB MO 

Intordlsceunt 1145 1190 

JSJJgL 1130 11*0 

LCnxUi Gyr 460 420 

JJaevenofek 301D wo 

JHJe „ 1105 1115 

iSS iS 

22 ^ 

Santa 3050 3H» 

ScWnaier 3100 3250 

Sutler 5eo joo 

Surwniane* 1*90 1450 

S|w*iir 40| 440 

SBC 204 287 

Swtn Retnsur 500 505 

StsteWBflt*OTk 660 670 

Unton Bank B2B 830 

Winterthur 2780 2790 

-tvrtCh Ins 921 921 


X77 670 Previous : 815 AGA 

4 At *71 Ana A 

XU X13 Astra A 

Montreal 5!!aSS“ 

482 4J6 Alcgn Aluminum 22 22Vk ISi SSL” 


25 Enterprise 011 470 *25 Bun* 1 Montreal 44V) 44 EssmShA 

5U Eurotunnel 131 138 BetJCanoda _ 42J* 411* HtadetebOTken 

XTfi Flions 113 Xio Bombard [er A 12*ts i» invSS^B 

256 Forte 188 16* Bombardier B 121k 12% Norsk Hydra 

346 GEC X62 158 Combtor 12 12 ProaSraWAF 

214 Gen'iAcc 5*8 5.4* Cascades 6% eh, SandvikA 


620 M5 Tokyo Marine 1180 1170 LandJsGyr 

.--- UI 122 TakvoEhtoPw 25» 2560 Maevciwfak 

I Straits Timm bid. : 1442. te Toppoh Printing 1050 10*0 Nestle 

| rYevlaui : M4sS Toravlnd. 655 6U Oertlkon-e 

Toshiba £3* 6» Rargesa HM 

— — Toyota 1430 1440 RocfWHoMbt 

Stockholm VamolddSec 538 538 SatroRepubll 

799 JV6 Sf JLyL. . Sctdnaier 

A 347 3St pJSSfi.SiBS 1 Sutler 

A 732 741 Surveniana* 

CteW 312 309 prStam^lill® s«ri«ar 

roiinc b 222 222 SBC 

SOT 173 177 . — Swiss Retrain 

te-A . 176 177 Toronto Swfas Vbfkslx 

etsBOTkan 353520 lOronw Union Bonk 

tor B 106 109 Abirtbl Price i«te uv. Winterthur 

1 Hydra tag iso Aonteo Eagle 4.95 5M Zurl«hlni 

raw af sss las Air Canada x*s X70 isshdB-ti 

Ik A 391 387 Alberta Energy 15Vi ISMr prcvwus:6a 


COFFEE C(NYCSCE) 

37 JOO iM.- cents per ! b. 

10725 4980 Dec 7X25 7980 777S 7980 +180 

9475 5185 Mar 7X25 7920 77.90 7*70 — S 

96J0 May 8200 8275 8180 SS 

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To our readers in Switzerland 

It's never been easier to subscribe 
and save. 

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Phone: (01) 481 7200 
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Plage 18 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


■r NEWS: 1993 Is Promising to Be a Feast for Hungry German News Buffs I NASDAQ 


llMonth 


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(Continued from first finance page) 
earnings per share next year be- 
cause of its involvement in two 
German private entertainment sta- 
tions. 

But analysts said the simulta- 
neous appearance of at least four 
news and information providers at 
a lime when most news is bad news 
may be more than the German 
market can swallow. Some said it 
was unlikely all the new products 
would survive. 

"Germans are very traditional in 
their habits,” said Heidrun Pleve, 
media editor at Horizont, a Ger- 
man advertising industry weekly. 
"People often don't switch chan- 
nels Gke the experts expect no mat- 
ter how good an idea is." 


This fact of life became painfully 
obvious when the Wall fell and 
German media mavea? tried to 
push through increases in advertis- 
ing prices with the argument that 
the potential market had grown by 
16 million. Rather than being 
hungry for hard news, however. 
East Germans opted for escapism. 

“Jror many people there," Ms. 
Pleve said, ‘‘the days are so de- 
pressing that the last thing they 
want to do is hear the latest unem- 
ployment statistics. Instead, they 
tune into sitcoms." 

The best things the new news 
providers can offer advertisers are 
a relatively affluent, recession- 
proof audience and pent-up de- 
mand 


German television news is cur- 
rently dominated by two programs, 
Tagesschau and Tagesthemen. 
which achieve peak viewership of 
20 percent but lag in flexibility. 
Indeed, a big boost to the start-up 
stations came from the Gulf War, 
which exposed technical and pro- 
fessional c hinks in the state televi- 
sion stations’ armor as they tried in 
vain to match coverage by CNN. 

CNN is not widely available in 
Germany because of a squabble 
with German Telekom, the agency 
that regulates cable television. In 
contrast to other such conduits of 
information, which cany CNN as a 
service and pass costs along to ca- 
ble customers, Telekom demanded 
a fee from CNN as well. 


Tbe three start-up television 
news stations together cannot ex- 
pect to capture much more than 4 
percent of the nation’s 31.1 million 
viewing households. Some special- 
ists questioned whether that niche 
is large enough to support three 
stations. 

N-TV is confident that it can 
make a profit with as little as 1.8 
percent-to-2.0 percent viewership, 
or 600,000 viewers over the course 
of a day, with its focus on hard 
news and business information. It 
hired away two anchors of the pop- 
ular “Tdebdrse” program from 
Satl, another private station, to 
chair a midday business broadcast 
including a live feed from the 
Frankfurt stock exchange. 


Tuesday's Prices 

NASDAQ prices as of 4 p.m. New York time. 
This list compiled by the AP. consists of the 1,000 
most traded securities in terms Of dollar value. It is 
updated twice a year. 


IlMontfl 
rtgttLow sude 


NYSE 


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Dtv TUPEn WI UMUtfeaQfBe Wnh Low Bock 



Tuesday’s dosing 

Tables include the nationwide prices up to 
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INTERNATIONAL HEJRAU) T1UBUNE, WEDNESDAY, DECEMBER 16, 1992 



Page 19 


EUROPE 


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Devaluation Mixes U.K. Data 


By Erik Ipsen 

' International Hendd Tribune 

LONDON — The biD for tbe devaluation of the 
Britain pound is faffing due much more quidriy iW 
most economists had expected. Figures released' 
Tuesday showed a surprising Z4 percent jump m the. 
prices manufacturers pay in pounds for rawmateri- 
‘ als and fud, the largest monthly rise in 16 years. 

"It shows that devaluation is a still a double- 
edjjed sword," said Neil Williams, an economist at 
1 Daiwa Europe. 


The other edge of that sword was widely credit- 
ed with spurring another statistical surprise Tues- 
day: Manufai 
gas productic 
decline of tha 


day: Manufacturing output, not inci 
ion, rose 03 i 


_ „ oil and 

03 percent in October. A 
that amount had been expected. 

Including dl and gas. figures for industrial pro- 
duction rose by one percentage point Oil and gas 
output soared by 3 percent in October. The gain 
was linked to the completion of maintenance work 
that had depressed energy output in tbe summer. 

Small as the manufacturing rise was in October, 
many economists saw it as the latest in a series of 
signs Britain’s recession is ending. 

While specialists in the City of London financial 
district are beginning to believe that a fragile 
recovery has begun, that view has yet to make 
surprisingly inroads at the Treasury. In a detailed 
.account of its recent policy changes published 
Tuesday, the Treasury took what many saw as a 
•surprisingly downbeat view. 

“I think they are just trying to justify the easing 
they have already made," an economist said. 


Ian Beauchamp, an; economist with Hambros 
Bank, said he believed, the combination of higher- 
than-expected input-price inflation and manufac- 
turing output would make people “‘more cautious" 
in predicting the next rate cut 

\ Many economists say, however, the inflation 
figures for manufacturers’ inputs were not as por- 
tentous as they might seem. 

Despite price increases of as much as 73 percent 
announced by Ford. of. Britain on some of its 
imported cars, analysts remain -convinced that 
man ufacturors would .have a bard time passing on 
higher costs . in depressed retail markets. Hie bet- 
ting is that they will simply have .to absorb their 
higher costs by cutting profit margins. 

Although that' ranks as a gloomy prospect for 
the stock market, it is good news for Britain's 
inflation rate. Michael Saunders, an economist 
with Salomon Brothers Ino, said that excluding 
the prices of food, drink and tobacco, output prices 
rose by 2.4 percent is the year -to October, the 
lowest such increase since 1969. 

■ BP Targets 8,000 Jobs for Cuts 

British Petrol cum Co. said Tuesday it expected 
to cut 5.000 jobs worldwide over tbe next three 
years and forecast a further 3,000 employees would 
leave its payroll by 1995 as a result of asset sales. 
Renters reported from London. 

Tbe new staff reduction target is in addition to 
the ] 1,500 job cuts announced by BP in August. 


U.K.S Will Britain Be Able to Fight the Import Tide? 

(Continued from first finance page) 




economist at the Confederation of 
British Industry. 

In other words, something went 
wrong. More efficient, more profit- 
able companies are supposed to ex- 
pand. As a whole, Britain’s did not. 

An ill-timed government-engi- 
neered boom, fed by (ax cuts, 
boosted growth but also sent infla- 
tion rocketing in tbe late 1980s. 
Investment soared, but much of it 
went into that safest of all havens 
in inflationary times, property. 

“A lot of it went into office 
blocks and housing when what was 
needed was more industry.” said 
Keith Wade, chief economist at 
Schroder Economics. 

Just as damaging, the govern- 
ment- induced boom was inevitably 
followed by the government-in- 
duced bust of the early 1990s, as 
fighting inflation became the order 
of the day. 

The damage wrought by the 
boom and bust was substantial In 
the late 1980s, the Treasury esti- 
mated that the economy had an 
underlying “Lrend rate" of growth 
ofH75 percent. 

Paul Neild, economics director 
at County NatWest Securities, esti- 


mates that that rate has now fallen 
as low as 225 percent 

Regaining lost ground will be 
tough. “We are trying to repair the 
damage of seven years of policy 
mistakes," he said, “and it will take 
to the end of the decade to do it” 

The devaluation of the pound 
that began with Britain’s departure 
from the European Monetary Sys- 
tem’s exchange-rate mechanism In 
September is a start It will make 
British goods more competitive on 
world markets and imported goods 
less competi tive in Britain. 

While Mr. Sen tance said he fore- 
saw “gradual improvement” 
through the 1990s in the balance of 
payments numbers, others were 
less sanguine. 

“We have deep-stated, very seri- 
ous and long-lasting structural 
problems,” said Terry Barker, 
chairman of Cambridge Econom- 
ics. “I don’t see much action that is 
likely to improve them.” 

He cited both inadequate weaker 
tr aining and alack of investment - 

Fixing those problems win be a 
long, slow grind. Many economists 
argue that the government must 
refrain from fixing busts with 
booms and instead aim for slow 


More Delay 
In Store for 
Eurotunnel? 

. The Associated Press 
LONDON — The opening of 
the Channel Tunnel, already six 
months behind schedule, may be 
further delayed by a dispute over 
payment for the SI25 billion pro- 
ject. Eurotunnd said Tuesday. 

Eurotunnel and Transmanche 
Link, a 10-member Anglo-French 
consortium building the 50-kilome- 
ter (31-mile) tunnel, are at odds 
over a bom S2 billion that the build- 
ing companies say they are owed 
for increased costs. 

The consortium said it vetoed 
Eurotunnel’s latest offer, which in- 
volved payment in company stock 
and bonds as well as 
“The member companies of 
Transmanche Link announce with 
regret that they have been unable 
to reach agreement with their cli- 
ent, Eurotunnd, on tbe payment to 
which they are entitled," said a 
consortium statement. 

Eurotunnd expressed concern the 
consortium “may withhold coopera- 
tion, thus delaying completion." 

"Our first priority," Eurotunnel 
said, "remains the completion of 
tbe project as early as already joint- 
ly agreed possible with TML so 
that it can open for revenue service 
in December 1993." 

Hie project, started in 1987, has 
been beset by problems that have 
pushed the price way beyond the 
initial estimate of S8.7 bQhon. 


Alitalia Reveals 
Malev Stake Is 30% 


growth led by exports and by do- 
mestic producers clawing back do- 
mestic market share. Stimulating 
consumer demand, it is argued, 
would only serve to pull in new 
waves of imports. • 

. Hie country does have its share Kirumit tn QaII 
of world-class manufacturers in ev- Ul oCll 

erything from pharmaceuticals to V 

cigarettes. It also can look forward vaCTlpO JLOIT 3 S S 
to reaping the rewards of huge in- c . v tt u» 
vestments Japanese and U.S. com- jpflfllSIl Hol filflg S 


panies have made in building new 
plants to service the Enr cpe an sin- 
gle market. 

Hten there are the services at 
which; the British excel, such as 
retailing and finance. Here, howev- 
er, the. notion that industry does 
not matter; that in the post-indus- 
trial agp manufacturing could with- 
er away to be replaced by services, 
is wide ly seen- as wrong. 

While the foreign currency earn- 
ings on services are substantial 
they have not been enough to pay 
for growing volumes of imports. 

"The problem is that when the 
U.K. consumer goes out to spend, 
we don’t have enough goods to sat- 
isfy the demand.” said Gerard Ly- 
ons, chief economist at DKB Inter- 
national. “I still believe the 
manufacturing sector matters.” 


SEOUL; Korea Fears Era of Rapid Growth Is Ending 


(Continued from first finance page) 

wear companies, for instance, have 
shut down in the last two years as 
Nike, Reebok and other big buyers 
have taken their business dse- 
where. 

Even in electronics, U.S. and 
Japanese companies have moved 
manufacturing to Southeast Asia 
because South Korea has lost its 
cost advantage. Exports of person- 
al computers from South Korea 
plunged more than 57 percent in 
the first half of this year from tbe 
comparable period a year earlier. 

To move toward higher technol- 
ogy, the government wants to raise 
spending on research and develop- 
ment from a paltry 2 percent of 
GNP to between 3 and 5 percent, 
more in line with other advanced 
nations. 

-For now. however. South Kore- 
an companies remain dependent on 
technology from abroad. Goldstar 
is malting chips using technology 
from Hitachi and Daewoo Motor 
Co. recently linked up with Honda. 
The more products these compa- 
nies sell, tbe more components and 
manufacturing equipment they im- 
port from Japan. 

Five years a|o, when South Ko- 
reans voted in their first democratic 
presidential election in nearly two 
decades, the economy was barely 
an issue. 

The economy was growing at a 
breakneck 12 percent a year and 
racking up large trade surpluses, 
and Seoul was about to celebrate its 
coming of age by playing host to 
the 1988 Summer Olympics. 

But growth this year is expected 
to be only 6 percent and in the 


latest quarter it was only 3.1 per- 
cent, its lowest level in IT years. 
The nation wfll record its third con- 
secutive annual trade deficit this 
year. And Hyundai is seflmg only 
40 percent as many cars in the 
United States as it did at its peak. 

South Koreans might have 
"opened the champagne bottles a 
little early ” said Park Ung-soh, 
president of Samsung Petrochemi- 
cal Co„ who maintains that it was 
never realistic to think South Korea 
could become the next Japan. 

"So far, we have been driving in 
first gear to escape the vicious cir- 
cle of poverty,” he said. “We have 
done that so successfully that peo^ 
pie wondered if we would go an the 
way to advanced country status.” 

But that, be said, wfll take time. 


Many foreign analysts are not as 
pessimistic. They say the current 
slowdown stems from the world- 
wide recession mid from efforts by 
the Government to non in infla- 
tion. 


Reuters 

MADRID — Grupo Terras SA, 
the Kuwait Investment Office’s 
Spanish holding company that 
went into receivership last week, 
says it wants gradually to sell off its 
Spanish interests. 

Torres urged government offi- 
cials and creditors to help in an 
orderly sale of tbe company’s inter- 
ests so (hat it can repay its debts. 

The affair has caused a major 
controversy in Kuwait, where Fi- 
nance Minister Nasser Abdulla al 
Rodhan was quoted as saying there 
was apparent misappropriation of 
public funds. 

Among its companies, the chem- 
icals company Eraos SA, tbe real 
estate concent Prirna Inmobiharia 
SA and the Industrias Bures SA 
textiles unit are in receivership. 

"The help of the authorities, 
both regjaniti and central, will be 
.vital to Jadlhate the ordered sale of 
group companies and thereby satis- 
fy the company’s debts." a Torres 
statement said. 

Hie company criticized bank 
creditors for refusing to renegotiate 
debts and repeated allegations of 
mismanagement by former Torres 
directors. 


MINISTRY OF PUBLIC WORKS 
ROADS DEPARTMENT 

NOTICE OF INVITATION TO TENDER 


1. onuMZTON OT LOAIV SAVUVGU FOB ROAM MAINTENANCE PBO/ECT 
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ADVERTISEMENT 


INGEHSflLL-RAND COMPANY 

(CDRs) 

The unde reigned announces that as from • 
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49, Boulevard Princ e Hertri, L“1 724 Luxembourg 
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Compiled hr Our Staff From Dispatches 

ROME — Alitalia SpA said 
Tuesday that the stake it agreed 
last week to buy in MaJev, Hunga- 
ry's national carrier, was 30 percent 
and that other I talian interests were 
buying an additional 5 percent 
holding for a total cost of 100 bil- 
lion lire (571.7 million) 

The Italian state-controlled air- 
line had announced on Friday that 
it won the bidding to partner with 
Malev Hungarian Airlines Rl. but 
it refused to reveal the size of its 
stake or the amount it paid. 

Along with the Alitalia stake, a 5 
percent holding was taken by Sl- 
MEST, an investment group con- 
trolled by Italy’s Ministry of Trade 
and by Italian banks. 

In Budapest, Hungarian officials 
said Hungary has retained S I per- 
cent of Malev, and employees and 
Hungarian investors will have 14 
percent: 

Alitalia said the investment 
would develop into “a commercial 
and operational integration be- 
tween the two airlines, m particular 
with regard to European and long- 
haul services." 

The Italian airline is to get three 
of the nine seats on Malev’s board 
of directors. Alitalia said Malev has 
a fleet 31 planes. Last year, MaJev 
earned 2.09 billion forints (S25.7 
million), up 57 percent from 1990, 
on sales of 2155 billion forints, 

29 percent. 

For this year, Malev, the most 
profitable among East European 
airlines, will have carried 13 mil- 
lion passengers, and its forecast 
revenue is 5330 million. 

The two airlines said they ex- 
pected to cany 21 million passen- 
gers in 1992 and their total revenue 
will be SS.8 billion. Together they 
will have a fleet of 182 airplanes. 

The Malev sale concludes a long 
search for a strategic partner for 
the Hungarian airline. Alitalia said 


np 


British Midland 
Is Rebuffed by EC 
On Dan-Air Deal 

Compiled tre Oar Staff From Dispatches 

BRUSSELS — The EC commis- 
sioner fa- competition policy. Sir 
Leon Brittan. said Tuesday he had 
rejected a complaint by British Mid- 
land Airways against British Air- 
ways' purchase of Dan-Air. but that 
he was going ahead with a separate 
inauiry demanded by Belgium. 

Sir Leon said British Midland 
had added nothing to a complaint 
already rejected by the British au- 
thorities. British Midland's com- 
plaint was based on an EC rule that 
bars companies from abusing their 
market dominance or trying to re- 
inforce it at the expense of rivals. 

Tbe commissioner stressed the 
EC Commission had no choice but 
to act on Belgium's demand for a 
separate inquiry under the EC 
merger regulation. 

Saying the Belgian government 
was "right to question" the BA/ 
Dan-Air deal, the eharnnan of Brit- 
ish Midland, Michael Bishop, wel- 
comed Sir Leon's review. He called 
it "good news for the consumer, for 
airlines and for the concept of real 
competition in Europe." 

(Ratters, Bloomberg) 

it would be deeply involved in stra- 
tegic decisions made by Malev. 

Alitalia was bidding against 
Deutsche Lufthansa AG last week. 
British Airways PLC and KLM 
Royal Dutch Airlines showed in- 
terest earlier, but they dropped out 
of the bidding. 

The stake in Malev is Alitalia's 
first equity bolding in a foreign 
airline and reflects its struggle for 
survival- (Bloomberg, Reuters ) 


Investor’s Europe 


Frankfurt 

DAX 

■ 1900 


London 

FTSE 100 Index 


Paris 

CAG40 


2100 



S O N D 


1992 

Exchwgo ■ 

Amsterdam 

19S2 

Index 

CSS Trend 

Tuesday 

Gloss 

msi 

19S2 

Prev. 

Close 

104.00 

% 

Change 
-0.48 . 

Brussels 

Stock Index 

5,43948 

5.500.16 

-1.10 

Frankfurt . 

DAX 

1 <481 ,24 

1.469.75 

+0.76 . 

Frankfurt 

FAZ 

585 A3 

581.48 

+0.68 

Hetstnkf 

HEX 

846.10 

840.71 

+0.64 

London 

Financial ^ Times 30 

2^67.30 

2,067.20 

Unch. 

London 

FTSE 100 ■ 

2,71730 

2,721.80 

-0.14 

Madrid 

General index 

215.31 

214.30 

+0.47 

Milan 

MB 

8Q2X0 - 

815.00 

-1.60 

Parts 

GAG 4<? 

1,744.79 

1,73826 

+0.38 

Stockholm 

Aftaersvaerfcten 

886.94 

993.60 

•0.67 

Vienna 

Stock index 

343.01 

34Z36 

+0.19 

Zurich . 

SBS 

659.10 


+1.04 


Sources: Reuters. AFP 


InlcnusiifluJ Herald Tnhmc 


Very briefly: 


New Outlay for Polish Steel 

The Associated Press 

WARSAW — The Italian steel company Lucchini Siderurgioa 
SpA said Tuesday it would invest 5150 million to modernize Po- 
land's largest steelworks. 

Huta Lucchini Warszawa was registered in November as a joint 
venture with starting capital of more than 1 trillion zlotys (567.8 
million). The new investment will update technology at the plant 
near Warsaw and improve environmental controls, the Polish news 
agency, PAP, reported. 

Ugo Calzooi, Lucchinfs financial director, said the investment 
could make tbe mill Europe’s largest producer of quality steel within 
three years. PAP said. 

The Italian investment is tbe third-largest foreign commitment for 
post -Communist Poland, the government said. 


• KLM Royal Dutch Airlines will pay Philips Electronics NV 75 million 
guilders ($415 million) to install personal video players in the airline’s 
fust- and business-class seats. 

• Akzo NV said it plans to invest 25 million guilders at its DdfzijL 
Netherlands, plant due to an expected increase in demand for chloro- 
forms as a replacement for chlorofluorocarbons, whose use as coolants is 
damaging to the Earth’s ozone layer. 

• Trygg-Hansa SPP Holdings AB of Sweden will lake a 10 percent stake 
in another insurance concern. Protector Foersfloing A/S of Norway, by 
acquiring new shares for 10 million kroner (SI 3 million). 

• Tbe European Bank for Reconstruction and Development recommended 
to its governors that Croatia be admitted to membership in the bank. 

• Fiat SpA of Italy said it would raise car prices by 3.8 percent on Jan. 2; 
its last price increase was June 1. 

• Accor of France, whose principal business is operating hotels, expects 
net profit to rise 15 percent in 1993 from the current year, with per-share 
earnings rising to 39 francs (57.29) from an expected 36 francs in 1991 

• Car sales in Germany will plummet 17 percent next year, the biggest fall 
in Europe, while the number of German-made autos will slide by 430.000 
to 4.4 million, tbe research firm Marketing Systems predicted. 

AFX, AFP, Reuters 


Christies Revamp to Cost 60 Jobs 

Reuters 

LONDON — Christies International PLC. the auction house, said 
Tuesday it was restructuring its specialist departments and cutting about 
60 employees worldwide. 

“It is with reluctance that Christie’s takes this step." said Lord 
Carrington, Christie's chairman, “but it is pan of the process of further 
reducing costs in a market where the level of sales remains relatively low." 

The job cuts will be mostly in administration, the auction house said. 
Under the restructuring, Christies major specialist departments will form 
five key divisions, each reporting directly to a board member. 

The five departments are 19th- and 20th-century pictures, jewdery. old 
master pictures and drawings. Islamic works of an, and carpets and 
Oriental pictures and works of an. 



If you don’t flunk tlis looks like average fiigkt sckool training material, you’re right- But 
then PIA is no average airline. As Pakistan’s largest sponsor of international sports, it’s only 
natural that we would also actively promote sports internally, for our own JL 

fitness. Because tke Letter we play, tke Letter we work. AnotLer reason 


11 n l nift » n ) I- 1 W r Pakistan Hemational 

whjs when yon fly with rlA, yon re flying with extraordinary people. Gra* people to fly with 


/ 






Pa 


if. » 


Page 20 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


, 


AMEX 


Tuesday's Closing 

Tables include the nationwide prices up to 
the Dosing on Wall Street and do not reflect 
late trades elsewhere, Via The Associated Press 


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is* 6 Homan 



22 

147 

10% 

10 

10% 


MW i2*Hmaut 

ASe 

12 


in 

M* 

14% 


- V, 










* //aHatwtfl 




1015 

% 




6* in* Her* an 





3% 




6* 3* Harold 



27 


6% 




1* *Harvev 




34 

* 

* 

* 


35* 33* Hasbro s 

30 


18 

1909 

33* 




4* l*Kasbwts 




128 

3* 

3* 

3* 

— * 

32* 17*HimO 

1JS 

8J 

11 

55 

21% 

30* 

21 'A 






74 

2 


12* B*HlltlMor s 

AS 

5.0 

9 

2 

9 

9 

V 


12 6 HlthPra 





9% 




3* 1%Hltvst 




244 

I'/lA 

IW 

1% 

-w 

11 7 Heamnd 





8 

• 



8 4*HHnWr 

39 1 

ij4 


28 

5* 

5% 

5* 

+ w 

9* IKHeflanel 




198 

4* 

43/14 

4* 

+ * 

% i/nHeimR 




133 

am 

3/n 

3/n 


1% Vi4Heknxtr 




5 

"Aa 

■'/II 

11/tA 


10* 595 Ham Ion 





6* 

4 

AW 


21% llVSHnlytn 



21 

139 

15* 

15 

15 


15% 5*HtoAAdS 


— • 

_ 

70 

8* 

8% 

8* — % 




- 4289 3H/I4 

3»/ia 

3*— 5/1, 

4* 2'A.Hota, 

1.29 fl 


9 

7 

3% 

IT* 

2% 

i/M 






30* 




20% 5* Hondo 


_ 


34 

7* 

7W 

7% 

—5 

16% 11 HoooHls 

35 

1J 

23 

164 

16% 

IS* 

IS* 

— * 







2*A4 


■e. 

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_ 


3 

Mil 

Vi™ 

Mm 


13* 8%HovnEn 




147 

13* 

13* 

IT* 

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18* 3WHo<«tek 


128 


16* 




18 9%HudGn 


- 

27 

3 

946 

9* 

9* 

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I ” 


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?l S'.i Bclmac 
lTWIOWBcncnE 
5U '.BcnEvc 
11'., S BenlOG 
21’.i l6*BergBr 
>32 103 BergCa 
77 71*Bmkjvu 
71* ISTaBioR A 
6 */l4B«xKvn 
7* f.-itBiscHd 
56 41>ABiatrCB 
10 5*Blaunffi 


711 6* 5t, 5* — * 

- 31 93 ,*Vj 1616 ,616 -* 

„ ..374 4* 4* 4* * Vit 

_. _. 258 5* 5 '/■ SV» — * 

40 1.9 14 283 20* TO* 30* _ 

3.0*? IJ _ 8 131 130*130* _ 

1.00 4J 45 21 73* 23* 29* —V, 

... 9 22 I7S6 1/'A 17W 4* 

775 75/it 2 25/14 * * 

_ - 1 17.14 17/li IMt— ■/>» 

2J0e 4.4 14 as SS D'A S3 '/• — 2 W 

400 4.1 1 9* 9f, 9* * Vi 





IJ4 

4.1 

13 



13% 

12* *W 



MW 7%B<XrPli 




5/4 

8% 

8% 

8% — % 



JJT, 9*Bombvs 



4J 

497 

31 

30% 30* — * 

m 


2% IWBowmr 



12 

B3 

75/14 

2% 

2514 



36', 25 BowmrDi 

3.00 

91 


3 

33 

33 

33 ♦ V, 



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2/4 


141. 




BV. AWBrodPE 

JD 

8.0 

39 

261 

7% 

7% 

7V, — * 






7 



11% 

1 1 4, — % 



2 WBuHton 



ITS 

% 

"A* 

"/I. -* 



11* 7 Bush 

.03 e 

A 

15 

10 

8% 

8% — W 


B'.i 2* Cl I FiO 
lOM 


61 CA 


a* 4*c 

4 Vi l*( 

33W24*< 

4'6 IWCSTEnl 
12* B'6CVBFti 
3 V. *CXR 
3aw 24*CBhlvsn 


- _ 412 
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- 8 
_ _ 578 
J7 3J 7 


4* .. 

7 V, _ 

3* «* 
28* -V, 


IS* 6*CogloA 
bCalEr 


16* MWCalEno 
3* I'/iiCatarop 
18* 7>6Cqraant 
15 Vi 10 CMC rco 
257^20 CdnOc 0 


S 4* 

7* 7* 

3* 3* 

21* 28!-, 

. 21/14 1**64 .. .. 

4 9* 9* 9*—* 

75 lVu 1*A4 1*6- 1 04 
., ._ 289 33* 31* 33 '6 — * 
.!0e A 11 17 14* 14 16 — * 


21/14 » 1A4 
9* —1 


6*» SWOjpHou 
, Carmel 


77i S»,C 

TS'iSl* sCaroPol 




20 

1496 

16* 

IAV. 

16* 

*W 




5 

IW 

1% 

1% 

♦ V, 



16 

27 

id* 

18% 

18% 

— * 

30 



J 

10V, 

10% 

10Y. 


.40 



IS 

20Wdl»* 

19* 

-w 

.92C17.I 

13 

38 

5% 

5* 

5* 

— % 




V 

6 

5% 

SW 

— % 

500 

7.T 

. 

7400 

70 

*9% 

A9'„ 

-1 


46 44 10 34 10* 10* 10* +W 

1J2 9.1 a 1 16* 16* 16* +W 

28 21WEcHBFpt IJ5 7j - 119 23W 23 23* t W 

8* 4WEcfloBv 47 U -K3014 4* 4»/i,4»/|4 ♦ Mi 
1«W IIWEcOiEfl 34 17 12 52 14* 14 MW +W 
2W 'AwfEdteto - - till Vl4 V6 S/I4+VW 

19* B viEdsipt IJOi „ _ 3 17 17 17 — * 

7M IWEKsDPwt _ _ 27B 6* 6W 6W — * 

- - 1081123* 22V, 23* + * 

- 49 745 34* 34 34* - 

.32 13 9 4 V* 9* 9* — Vh 

_ „ 16 2» 2<6« 2W— >/l4 

_ _ 41 * * * _ 

J40 6JS _ 336 8V6 8W I* _ 

- 8 5 6* 6* 6M _ 

_. - 94 V, 7/1* V.-I/I6 


23* laWElon wt s 
36 V, 71 V, Ek>n s 
10W BWEktorad 
3Vlt I'AElcChm 
1* WEtalnor 
8 Vi TWEbtMt, 
6* 4WEmpCor 
2* WEndvco 


2 1 ENSCO 




1079 

IW 

U/14 1'A« 

* 

■tatelntrrnk 



866 

1A6 

19V. MltENSCol 

1JD 

10.0 


36 

15* 

15 15 — % 

* 

■AiviininiDf 



10 

'AT 

I0W 7*En*ex 




38 

9* 

9* 9* — % 

13* 

5*mtCuing 



307 

12* 




78 

3 

3W 

3W 3% 

2* 

WintMovto 


13 

77 

* 

7* 3 ErttoBl 




1597 

7% 

6% 6* — % 

17* 

4%intMur 



485 

7* 

27% MHEplfcXW 




733 

20% 

19* 19* — % 

8% 

%lntMur wt 



10 

15/M 

IBbi 14*EdGlt>l 

230 

14J 7B8 

39 

IS* 

15W IS* 4 % 

4% 

lUlnIPwr 


10 

36 

2 

16* 10* EoG*h2 

160 

14 7 


25 

11 

10* 10* — % 

5% 

WlntVer a 



14 

1* 

16* 12*EqG<ha 


13.1 


7 

I2%dl2% 12% — * 

1* 

*inmch 



765 

to 

3Vu l*E»rfvst 




60 

3% 

8* 9% *% 

9* 

KhKTest 



89 

i% 

14% A*Eqdinlln 


— 

— 

21 

9'A 

6% 

i*mrmr 



110 

2* 


11* SWEqmnn 
14 6*E6oagn 
17* l3*Espey 
10W 2WEssxPn 
9* 5WEtzLv A 
1(W 6WEtzM)V 
3* IWEwrJB 
3* lWEvrJA 
17W 6 Excel 


40 40 ID 
140 364 - 
J0e 34 7 
30eU l 


1* >/|«ExpLA 
,FFr 


7* aw +* 

48 8* b* a* .. 

1 15W is* 15W .* 
27 2* 2* 2* *W 

39 9* 8* 8* — V, 

134 n* ie* 10* — w 
10 1W 1W 1W _ 
12 IT/tadIVU lVit— Vn 


M 14 29 32 17 16* 16* — * 

_ _ 1839 17/|* 1M* 1* — W 
— 30 


13 3W 3* 3W - 

_ _ 3 Oa* 

40 U II 39 30 

14 17 _ 185 9* 


9* 9* tW 


5W 5 5W _ 
7W 7* 7* — * 


4* 1>A4 

1* WFPA 

36 *6 24 Vi Fabl IKK 
17* BWFotcCbl 
7W 4ViForM£an _ - 

9* IWFtorbd _ _ 

7£W59'ARnd 320 SJ 26 25 SO* 60 60 — M 

9* 7ViPlAU5» J6e 34 — 347 7* 7W7* _ 

17 PWFAusPr 13)8 a 104 _ 671 10* tOW 10* _ 

6W 4'AFtOltrl 

142 88 FtBiip „ 

13 6WFTFAH1 n 64 7 58 12 12 12 — * 

Bl* 5*Rtt»r .15e 2J _ 109 6W 6 6 — W 

6Mi Mi 

‘8 ?£ _ 

211, lBWEklPUt 148 54 12 

TBWISWFlafick JO 2.1 57 

34*2l*Hulw ~ 

IBW MWFOOtfm 

125 85 ForrfQiB 
20* aWForstCA 
44* 30 ForHUt 
156* 'it Forum 
3'*, «WFaurf»w 


.10 20 13 136 5* 5 5 — W 

140 1.1 11 B 140 I39WI39W _ 
n 64 7 58 12 12 12 — * 

S ft ?*.&♦-& 

«w 55=5S 

_ __ escis 

56 31W 30* 30* — * 
8 IS* I5W 15* +* 


JO 2.1 _ 
J2 1J7 14 


2300 86 B6 B6 

_ _ 1 17W I7W I7W — W 


- 33 1349 47* 48* 41 W— IV. 
_ _ 109 W ’/It '/it—' '/i* 
_ - 40 I* 1*1* — >A 


6* 2WKX 
16WllWICHpf 
ilia awiCNBio 
23 BWIGI 
2* 9/I6IRTCP 
4* a Idanitx 
is w*impmv 


_ _ 184 4W 3t5/i * 
1J5 12J _ 24 14 13* 14 

.15 43 - 69 3W 


3* 3W — W 


-.1025 284 10* IOW 10W 


V 12 
_ _ 127 
48 42 - 49 


39*31 tmXMa 1JD _ _ 761 


8* 4* major 

11W IWlnaCMM 
13* BWinsrnm 
8* 4*lns5ypf 
aw 4*ln$tSy 
2* 1 InHpSri 
8U 4WmOPd 
IFAIO WRnSv 
10* d*lnterOig 
9* SWlnlrmgn 


... 22 329 
47e 67 _ x88 
.120 13 13 64 

J5f 40 _ 20 

_ 9 961 

- _ 282 
_ _ 7 


1WI6 

2764 

11 * 

32 

&W 

30 

10 * 

6* 

5* 

1* 

5* 


»A4 11/14 
2 * aw— 1 /it 

11 II* _ 

31W 32 — * 

6* 6W +ta 

30 ♦* 

9* 10* 1* 
6* 6* — W 
5* 5*—* 

1* l’/14-J/lt 
5* 5* — M 


.70 S3 7 *54 13V) UW 13W — W 
_ *21 aw 8* BW * * 

Jit 34 16 122 


swtu/uimsiGC 

11* 7*lntPlv 
6W 2* IntwaB 
41W71WhmxCR 


8* BW _ 

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.. ’Aa 'in _ 
12* 12* 12* — * 
I'/l* W+iA* 
... W « _ 

1564 M/M HA4 - 
2 2 „ 
1 1 - 
564 VI* - 
1 1 — W 

2W2"6» + VM 
3W 3W _ 
9* 9W— W 
3W 3* _ 




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40*l3WJhnPd 
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2* I'Ajoute 
29 BWJUPNut 
2IW10 KVBs 
19*10 KVAn 
27* 14* Keane 
17 BWKeRMy 
15*12 KBtvOG 
8 4 Kenwln 

11* SWKetcma 
5* 2WKBem 
10* SWKlnarlc 
15WI0 Kirby 
MW 3WKlerVU 
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6* 3MKogf6q 
7W lWLSBInd 
59 13WL5Bpt 
2* 1 LaSaro 
7* 4 Lancer 
21W14WLOndurs 
5*A 3 LndsPc 
3* WLOrtct 
6* 3 W LOSOr 
8* 7 Lawson 
2W WLoePnr 
8* 7/ULfntmPd 
17 lOWLHVem 


31 3* 

_ _ 75 9* 

_ _ 577 4 ... ... 

_ 69 1679 35* 35 35* 

8* 8* _ 


JO 

to 

21 

6 

8* 



38 

269 

21 

JO 

IJ 

12 X102 

38* 

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117 

10% 



U 

10 

1* 


_ 

_ 

39 

27 VA 


am 20* _ 


16 


_ 20 
JO 14 220 
1-20 9J _ 182 
_ - 36 

- 13 7 

-93 

- 7 23 

_ 19 IS 

40b 4 11 19 

_ _ M7 
„ 406 321 
_ 12 423 
2J0 4J _ 14 

~ 12 124 
_ 12 6 
48 4.9 IS 
441 - - 


11 

13* 

6* 


40 it ? 


.159 1.1 13 


1* 1W +W 
27 27 — * 

23 12 11* 11* ,6 

25 11* 11* 11* — * 
35 25* 24* 25 — W 

11 11 ♦ W 

13 13 — W 

... 6W 6W — * 
10* 10* 10* _ 
3W 3W 3W - 
5W 5* — 

12 * 12 * — * 
9* 10 _ 

* W— >6* 
4W 31S6I 4164— <6* 
7W 7 7 — * 

57* HW 53 —4 
17/M 1* 1764 + 1/ 

, 7* 7* 7* 

43 16* 16* 16* 

13 3W 3* 3* - 

82 2* 2* 2*— «6* 
197 6* 6W 6* - 

3 6* d 6* 6* — W 

67 M6* I* I* _ 

54 "6* W "6* _ 

95 MW 14* 141, — * 


5* 

13 

10 

V1« 




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rioh LOW Swek 


* 'feLWrun 
1W WUnPro 

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IS* S'ALttfM 
20 ID Lumex 

BW 5* Luna 
25*15*LvnchC 


- ... 179 Vm 

> ... 31 W 

... 428 * 

126 15 . .. 

.. 16 245 1SW 14* 15* -W 

_ 23 110 It BW BW BW _ 

•24 


MW 14* — W 


15 


24 24 -W 


SO\ 


_M=M. 


40 104 - 


M 

1.76 


.IDe _ 


t* IWMCShp 
1* '/la/VUP Pr 
6* 3* MSA 
)■, WvIMSR 
15* BWMocNSc 
26*24* MePS 
1 9 McrHVm 

3W iWMcrtmn 
5* 2*Maiec 
ISHlOHMatSds 

8* 3*Motlek 

BW jtWMavTutw _ 16 8 

I29i 3 Maxum _ _ 54 4W 

43M22VtM0Mim 21 21 S8 

6W 3* McRae A 44 S.4 8 32 6W 

16* /WMedchs .. 17 54l I2W 

33*11 MedcR _ IcO 263 16* 

22 IIUMMMI .10; 4 5 — — 
2.4 

-. 32 


3* 3* - 

W W _ 
3W 5W — W 


27*14 Media 
40 IWMedaLs 
2W V)«MedPrp 
2* WMdcam 
7 SWMedW 

10W 4* Mem 
l6*12*MTQlGO 
3* lWMercAir 
Vh WMereAwt 
10 eWMercApf 
1 WMerPM 
2W 1*MerPt4 
3* IWMertMpt 
4 i*MeePt7 
4* l*A6erP7pt 
I* SWMemric 
17* TOWMetPro 
15* 7 MetrBes 
17* 8WM0lrbk 
4* SWMidtAm 
4* iWMMame 
3* HMldtiv 


.OSe 14 II 


. 321 13* 
24 420 10* 
108 37 
10 VI* 
232 1* 

86 6W 
76 SW 
40 14* 


10* VWMinnTrn 
* WMInven 
9*3//MMlHnW 
7* 3WMaaaA 
9* SWMooae 
16* 3*MMed 

2 WMorgnF 
4 WAAMAed 

11 W 9WMuniln 
11*10 Munvst 
22W11 Myerlni 
25* 19WNFC 
6 2WNTHCam 
2W 'AvMVR 
8* JJINoteK 

3 IWNafcrw* 
13* 3WMantck 

14 TWNonaVI 
13*11 NIGsO 
16*10 NHIC 

5*2</MNtPatnt 
Z7W llWNHRtty 
6* aWNOIAlt 
16* 10 ttawLine 
BW 5WNMXAT 
32WI9WNVTlm 
1SW 4*Nlehi&A 

15 4WWChl8C 

9 5 Norex 

17* 3WNAR*Cn 
18 7 NAVact 

56 49 MPSpf 

5'A 3WNumoc 
I3W11WNNYMI 


Ala 
J8a 
.18 
73 e 


105 311-16 
96 W 
15 SW 
_ 57 "6t 

13 1Z3 13* I3W 13* - 
9 2 251, 2Stf 25* - 
... 74 8 7* 7* — * 

16 22 2* 2W 2* 

16 I 3W 3W 3W 

13 555 MVj 14 MU — * 
SO 26 SW B 8 

_ 16 8 7* 71% _ 

_ 54 4 W 4Vh 4W 

21 21 28 27th 28 

32 6W 6* 6* — * 
‘ 12* 12W •* 

14 16 -W 

12* 13* -W 
18 18* — * 
36 36* - 

Vii Vi* _ 
PA lW-1/lt 
MM. 
SW SW — * 
14* 14* — * 
2* 2* 

W W.»/M 
9* 9* m, 

* W _ 
IW 1W — w 
3W 3'n * Vi 
I* 1* * W 
3W 3* +W 
6* 6* ♦* 

10* 11 ♦ W 

I5W 15* -Vt 
llVi 11* _ 

4 4 +W 

2 ll/H—Vn 
2 2 

63W 64 + 1* 

10W low _ 
u w „ 
d 3* 3* — W 
5* 6 + W 

6* 6* — * 
15* 16* +W 
IW IW— 'At 

* W— 'At 

iaw idw - 
tow iaw +* 
21 21 — * 
20W 20W _ 

S* 5W +* 
W W _ 
6* 6* _ 
1* 1* _ 
13* 13* — W 
13* 13W — W 
13* 13* — W 
16W 16W +W 
2W 2W — * 
18* 19 +* 

SW SW _ 
13 13 — * 

6* 7* +* 
26 26W — W 

SW 6 +* 

5 SW _ 
7* 7* +W 
4* 5W f* 

10W IDW —Vi 
52 52 — W 

4* 4* — W 
12W 12* +W 




10 


7% 

% 




it 

10 



— 

16 

* 

-ID! 

6J 


6 

1% 

.101 

3.1 

■4* 

18 

3'A 

.m 



J 

1* 

-12i 



2 

3W 

JO 

4.9 

20 

3 

6W 

.25 e 

U 

T7 

61 

11 

JO 

i? 

7 

32 

15% 

JO 

JL2 

9 

1 

11% 


_ 

_ 

16 

4 




79 

3* 




X 

2 

M0 

7J 


2125 

64W 

J9 

U 


102 

10W 




100 

4/16 

JO 

sS 

— 

3 

3* 


_ 135 6* 

- - 18 M 

- 25 757U16W 
_ - 175 IW 

- 6 W 

6.0 _ 6 10V, 

74 _ 366 10* 

J 17 64 21* 

3A 17 1 SOW 

- - 372 SW 
.. _ 162 »At 
_ 13 699 6W 

..am 

_ 34 161 U14 
_ 18 18 UW 

27 24 1 13* 

3.9 13 70U16W 

- _ 254 2* 

... „ 44 19* 

_. 31 131 5Vi 
_ 30 147 13W 
_ 13 36 7* 

2.1 67 1007 34* 

_ 13 660 6 

_ II 277 5* 

- 20 4 7* 

_ _ 34 5W 

_ _ 918 10* 

84 _ Z250 S7W 
_ _ 39 4* 

6.1 _ 2 12* 


11 7 OOkiep 

5W 3WOOrien 
9W 6*C3SuBvn 
7* 6 OdufB 
7W 4WOdetA 
77* 22*0 Men 
25 lOWOnrtto 
25W 7 W Ora non 
14W BMOmtFd 
14* 7WOr1oHB 
2S 12WPECS 
- JVliPLCSvs 
18* 7 PLCun 
3* 1WPLM 
12* 8* PMC 
16* 12WPSBP 


47 e 3J _ 12 7W 

„ 15 178 4* 

48 34 17 30 9W 

_ _ 12 7* 

- 80 57 6* 

42 4 31 244 38 

M\ 3 A 11 143 14* 
„ _ 201 8W 
Ur 3 12 22 14W 

.27 O 2.7 11 19 9* 

_ 13 113 24W 
_ _ 478 8W 
-. _ 21lll9W 
_ _ 38 "'At 

70 5A 17 749 U 12* 

1A0 104 11 14 15W 

92 71 PCEnplE 7A4 BJ _ ylOO «0 
54* 43 RdEn plA 446 BA ■ _ ySOO 51* 
55 44 PcEnufC 4J0 8.8 _ “ 

22* lBWPGEnfA 1J0 74 _ 

18W15*PGEpfD 145 7 A _ 

18*16 PGEp/E 145 74 _ 


18* lSWPGEptG 140 7 A - 
26W34* - 


V90 51 
41 20W 
7 17 
5 17W 

_ ... _ 10 14* 

PGEpfQ 1-86 1A _ 120 2SW 

29W27MPGE0A/ 242 BJ _ 
2»H27*PGBolR 247 84 >. 
28W25WPGEPIP US 74 . 
aW25WPGEp*0 2.00 77 _ 

Z7*24*PGEpM 1.96 TA _ 

27* 25W PGEpOC 104 74 _ 
16W13WPGEPA 149 74 _ 

6* 2WPocGOte 
7 TWPocWsJ 


_ 30 


5 28* 
35 2BW 
14 Z7W 
U 26W 
2 KJi 
46 27W 
I 14W 
42 2* 

40 


73 62 PDdfpt 540 74 - zlOO 64 
PooeAiri 


_ - 12 3 W 

29 if* 

_ - 731 'At 

_ _ 10 1 

-.5 14 3* 

.10e 7 IS XSA 14* 

76 8.9 18 55 10* 

-80 74 16 11 UW 

1 JO 144 17 7 11* 

_ _ 2 1 

.10* 7 30 1315 MW 

,Mo2 i& 1ft! 

172 Kfl 21 131 21W 

2D 16 1] 12 ** 

-. 18 42 18* 

24* 15W BernC Pi 2.12 BJ _ a 24 

4* l'/i Peters _ _ 10 iw 

I7W TWPtHoor 1.14 74 _ 59 IS* 

44W2S*PhlUD 45r 7 9 2221 33* 

SOW swPtimLss „ - 189 9* 

32* 13* PhnxRs _ 15 30 24* 

2 W 'Vit PtcnPd _ _ 93 1 * 

40 29*PWway JO 1J 16 10 37* 

34*Z5WPmwyA 1.10 34 14 1 33W 

21* TWWnRac _ 153 8* 


BW 3W . 

IBW 6VhPWNk493pwt 
1* 'AtPWNMnwf 
2W WPWcacpwt 
5* 2* Pwt+m 
15*11 PrfcPcr 
11W 7*PerPM 
11* 7 ParfTz 
12 9 PnrPa 

2W VtPeerTu 
lSWllWPeoGU 
39W 24'A PenEM 
3S*21WPennTr 
22* 18 W PtmRE 
5* 3WP«Wb 
18* aWPtorlnlC 


7* 7* — * 

4"A*4"A, — I At 
8* 8* — W 
7Vh 7* +* 
6* 6* _ 
37W 37* — W 

14 MW +W 
BW BW — * 

MW 14W - 

9* 9* — W 
23* 23W — W 
7* 7* — W 
18* 18* - 
IH1"A*~ 'At 
12* 12W +W 

15 15 — W 

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Sates floungi am unofficial. Yearly Mata and Iowa refteO 


inmiog day. where o minor stock dividend cm uuntl na tn 25 1 
perwil or mom has been pakt Ita year* hleMaw range and 
dMtand .ora Biiown far the new stock only. UntaeOwste 
note d-rat es o f dtyk tendsore cgemcl dbburaemeiila ba»den 
file Julia! declaration, 
a —dividend also oxtra(s). 
b— annual rate <rf dfvhtond plus stock dhfWsnd. 
c— Ilauldatlna dividend. 
cM — called. 


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e — ffivjdend declared or paM In praemline 12 manita. 
o— dividend In Canadian funds, sublect to 15% newest 


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"• m,A 

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with the start at htsUns. 
nd— next day delivery. 

P/E— Prtce-eamfnBS ratio. 

r— dividend declared or paid In preceding 12 monlta. Pfc»~ 
slock dividend, 

s— slock spffl. Dividend begins with dale of sunt, 
sis — sales. 


I— dividend paid In slock In precmflrta 12 monlta i. B»Hmatad 
co«b value on extflvldend or emfl tol il u uil u ii C * 


— data 

u — nw yearly high. 

V— IroCIng halted. 

vl —In bmuenjatev or receivership or bains raomanized un- 
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pontes. 

wd — whan dtstrRxiled. 
wl- when tawed, 
wtr ■ wltii warrants, 
x iffefend or ex -rights, 
wfls — ex-dbtributton. 

XW— without warrants. . . 

y«- ex-dlvtdend and sales In fufl. 

no — yield 

z — sates hitulL .. ... 


t 



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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


Page 21 

ASIA/ PACIFIC 


As Japan Rules Out 
Selling Deficit Bonds 

Bloomberg Businas News 

TOKYO — The new Japanese finance minister, Yosbiro Hayashi, 
said Tuesday at Ms first major press conference that be opposed 
selling bonds to cover a national budget deficit. Analysts said he was 
playing a word same. 

‘‘The fact of the matter is that they can cover a budget deficit by 
selling construction bonds," said Marshall Gittler, bond market 
analyst at Merrill Lynch (Japan). 

On paper, Japan is the virtually the only advanced nation without 
a budget deficit that it must cover with bond sales, instead. Japan 
sells what it calls “construction bonds," which the government says 
• are issued to raise money solely for oublic works projects. 


current economic slowdown likely would cause the finance Ministry 
to raise more money through bond sales, whether the bonds are 
labeled deficit, construction or municipal. 

The semantic exercise in Japan is one that the U.S. president-elect. 
Bill Clinton, seems willing to adopt. At the opening Monday of a 
two- day economic conference in Little Rock, Arkansas, Mr. Clinton 
said, 'There’s a difference between borrowing money to invest in the 
future and borrowingmoncy to nnnlcg the payroll." 

He was (quoted by The Associated Press as saying, "Should we re- 
examine tins premise at the national level?" 

The Japanese Finance Ministry, analysts said, is unwilling to 
appear as if it is headed toward the seemingly insurmountable fiscal 
problems facing the United States. The U.S. budget deficit is 
something Japan will avoid, they said, even if it means calling deficit 
financing something other than it is. 

The government began issuing deficit bonds in 1 972, which caused 
a balance sheet shortfall that it had to keep rolling over until 1989. 

“When a government sells what it calls aefrai-financing bonds, it 
' makes the markets think it has budget problems,” said Mr. Gittler. 
“Itiust doesn’t look good" 

The Finance Ministry expects 613 trillion yen {$495 billion) in tax 
revenue for the next financial year, analysts said It will issue 
construction btrnds of about 8 trillion yen to make up part of the 
shortfall, and the rest will likely come from such fundraising meth- 
ods as the supplementary budget to be implemented later in the year. 

One option, which the ministry chose to take this financial year, is to 
increase die amount of bonds sold on the regional level in the form of 
municipal bonds to raise money fra spending by local governments. 

‘There are a lot of different tricks the government can do to get by 
without selling the so-called deficit bonds," said Manami Kaisur- 
agawa, a credit market analyst at Dahva Securities. 

Analysts said the 0.4 percent increase in the budget for tire next year 
■widely underestimated the spending needs of a government that is 
pumping money into the economy to revive growth. They said the 
.ministry's estimate of 613 trillion yen in tax revenue was over- 
opiimistk because of the decline in funds resulting from tbe slowdown. 


Weak Data China Will Cut Tariffs 7.3% 

Qnif1< ComptkdbT Our Staff From DispaKha Beijing. "I would expect the U.S. trade repre 

k/I/fll L'M/v'ilu BEIJING — China, announcing details Tuesday of will see these reductions as another positive 

JL its largest reduction of import tariffs ever, said the cuts them 12 r.lt;" 


Bloomberg Businas News 

TOKYO — The benchmark 
Nikkei 225 average surged 1.1 per- 
cent Tuesday on a speculative rally 
fueled by hopes that weaker-than- 
expccted data on machinery orders 
would lead to a cat in interest rates. 

Private-sector machinery orders, 
excluding orders from shipbuilders 
and electric utilities, plummeted 
30.7 percent year-on-year in Octo- 
ber, to 799.1 billion yen ($63 bil- 
Hon£ and fell a seasonally adjusted 
28.6 percent from September, the 
Economic PUuming Agency said. 

The year-on-year drop in Octo- 
ber followed an 8.0 percent year- 
on-year fall in September. Orders 
rose by a seasonally adjusted 7.9 
percent from August. 

The Nikkei average rose 190.77 
points, to 17,480.74. 

Tbe weak data sparked a rally in 
futures prices oh the chance that 
the Bank of Japan would lower the 
discount rate from 335 percent to 
spur tire economy, said Wayne 
Rayner, a trader at Sanyo Securi- 
ties. Nikkei futures contracts for 
March delivery rase 280 points, to 
17,610. in Osaka, and rose 335 
points, to 17,635. in Singapore. 


Compiled br Our Staff From Dispatches 

BEIJING — China, announcing details Tuesday of 
its largest reduction of import tariffs ever, said the cuts 
would take effect Dec. 31 and knock 73 percent off the 
country's general import levies. It also said it would stop 
enforcing unpublished regulations that deter trade. 

A spokesman for the State Cbuntil's Tariff Regula- 
tions Commission told the official China Daily newspa- 
per that the reductions would speed China’s re-entry 
into the General Agreement on Tariffs and Trade. 

China said it expected its GATT application to be 
approved next year and has promised to cut its overall 
tariff level to 15 percent, comparable to that of other 
developing countries in the world trade body. 

The move also shows China's willingness to fulfill 
its October agreement with the. United Stales to im- 
prove market access. Tbe agreement, which narrowly 
averted a trade war, stipulated China should “signifi- 
cantly reduce" tariffs by Dec. 31, 1993. 

“These are significant tariff cuts.” said John Frisbie, 
director of the u.S.-Ouna Business Council's office in 


Beijing. “I would expect the UJ3, trade representative 
will see these reductions as another positive piece of 
the puttie .” 

Other measures the country is taking include reduc- 
ing the need for licenses on two-thirds of imports 
within two yean, according to Tong Zhiguang. vice 
minister of foreign economic relations ana trade. 

In response to complaints from foreign business 
executives that the authorities often enforce regulations 
that are unpublished, Mr. Tong pledged that all docu- 
ments on trade management would be made public in a 
year. After that, tbe government will implement only 
regulations that are on public record, he said. 

The government will cut tariffs on 3371 kinds of 
commcoities from Dec. 31 in the broadest reductions 
ever made, press reports said. 

The imports affected will include chocolates, indus- 
trial chemicals, construction materials and large aircraft 
and were selected because they are raw materials needed 
in China over the long term, cannot be made in China or 
come from developing countries. (Bloomberg AFP} 


Taiwan Airline Begins Public Offer 


TAIPEI — Taiwan's flag carrier 
China Airlines on Tuesday 
launched a public offer of shares 
wrath 2.8 billion Taiwan dollars 
(SI 10 million). 

Applications to buy the 41 aril- 
lion shares, priced at 68 dollars 
each, wQl be accepted from Dec. 
16-19, the airline said. It plans to 


list the stock on tbe exchange in 
mid-February. 

"The offer will help us raise 
money to repay debts and finance 
purchases of new planes." a 
spokesman said, adding that the 
airline planned to expand its inter- 
national operations. 

China Airlines is currently 85 per- 
cent owned by the China Aviation 
Development Foundation, techni- 


Shares of Yokohama Matsuza- 
kaya, the department store, rose 
sharply Tuesday after Tokyo bro- 
kers received an anonymous fax say- 
ing that Harrods, the London shop- 
ping landmark, would purchase 20 
percent of the Japanese company. 

Matsuzakaya, a department 
store operator, owns 50 percent of 
Yokohama Matsuzakaya, which 
had sales of 293 trillion yen in 
1991. 

The stock rose 80 yen, to 540, in 
the last minutes of trading after 
failing to trade for most of the day 
on an imbalance of buy-io-sefl or- 
ders. Dealers said they doubted the 
validity of the letter, however. 


Vodafone Wins Bid in Australia 

Bloomberg Balnea News 

CANBERRA — The Australian government accepted a 140 
million Aust ralian dollar ($963 million) hid from the Arena GSM 
consortium, led by Vodafone Group of Britain, for Australia's third 
mobile telephone network. 

A rival bid by the SinTel consortium, led by Singapore Telecom, 
was rejected. Hutchinson Telecommunications, based in Hong 
Kong, withdrew from the bidding in September. 

Robert Millington, an analyst at Barclays de Zoete Wedd in 
London, said tbe decision would boost tbe value of Vodafone shares, 
but gains will be limited because the company had been viewed as 
the front-runner. Vodafone shares dosed Tuesday on the London 
Slock Exchange at 413 pence ($6.47), up 4 peace. 


cally a private body. The remaining 
15 percent was stria to local compa- 
nies and airline employees in share 
placements that began late last year. 

The public offer will reduce the 
foundation's ownership to about 80 
percent, the spokeswoman said. 
Foreign investors will be permitted 
to buy tbe shares on the market. 

Buoyed by Taiwan’s economic 
boom and rising overseas travel by 
its citizens, the airline has been 
profitable in the past few years. 

Pretax profit rose 18.7 parent 
from a year earlier, to 4 billion 
dollars, in the first three quarters of 
1992, while sales were up 3.8 per- 
cent, to 33 billion dollars, the 
spokesman said. 

A recent survey by Fortune Mag- 
azine found China Airlines was the 
world's fourth most profitable air- 
line, behind British Airways, Singa- 
pore Airlines and Cathay Pacific 
Airways, the spokesman said. 


To subscribe In Franco 
lust coll, toll fro o> 
05437437 


investor’s Asia 


Hong Kong Singapore 

Hang Seng Straits Times 

6560 y— 5600 


5000 


Tokyo 

Nikkei 225 


IMS— 


1300 — • — 14375— 


a s o n 3 j"a s" 

t0B2 1«£ 


Hong Kong Hang Seng 
Singapore Straits Ti mes 
Sydney All Ordnaries 
Tokyo Nikkei 225 . " 

KmlaUunpur Composit & 
Bangkok ’ SET 
Saoul CranpasHoStc 

Tklpel Weighted Pri 5 

Bonita Composite 

Jakarta Stodi Index 

Nw Zealand NZS&40 
Bombay National Index 

Sources: Reuters. AFP 


SET 

Composite Stock 
Weighted Price 
Composite 
Stock Index 
NZS&-4Q 

National Index 


Tuesday 

Close 

5315.it 

1,442.10 

1309.60 

17,480.74 

62838 

83930 

65031 

3,668-25 

1383.49 

275.68 

132038 

1,14130 


J A S O N D 
1M2 

Prav. % 

- Close Change 

5367.73 +0.91 

1,44532 -0.24 

1 ,512-40 -0.19' 

17389.97 +1.10 

632.54 -0.58 

B5018 -7.28 

65133 -0.16 

3.698.76 -033 

"~i. 202 .S 6 75a" 

27839 -0.97 

1,532.10 -0.73 . 

1 ■154.00 -TOST 

InicnuiiMLiJ Herald Tnhnw 


Very briefly; 

• LM Ericsson AB said it agreed to form a joint venture with local 
partners in Guangdong province of C hina to sell and support mobile 
cellular systems beginning in early 1993. 

• India, buoyed by a good monsoon season, is expected to produce a 
record 176 million tons of groin in the 1992/1993 year, below the official 
target of 183 million tons but up from 171 milljoh ions a year ago. 

• The Philippine Economic Planning Department said the country's 
economy would grow only 1.5 percent m 1992, down from estimates of as 
much as IS percent, with the drop attributed largely to power shortages. 

• Samsung Heavy Industries Co„ a South Korean shipbuilder and 
machinery maker, said it had received an order worth $100 million from 
Singapore’s port authority. 

• Beaconsfiefd Gold Mines Ltd. said shareholders have approved a 
proposal to reconstruct a Tasmanian mine which was once one of 
Australia's richest producers but ceased production in 1914. 

• Japanese companies raised their winter bonuses for employees by only 

0.52 percent in 1992 from a year ago, the smallest nse' since 1980. 
according to an employers' survey. Reuters. AFX, AFP. Bloomberg ■ 


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V 





Page 22 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


SPORTS S 

Bianchi Wins Slalom, 
Tomba Second Again 



I 


o' 

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r Xi 

1 r 


The Associated Press 

MADONNA DI CAMPIGUO, Italy - Pa- 
trice Bianchi of France, overcoming the pain of 

Albeno ^Tomba drt not, on Tuesday won his 
second World Cup slalom race. 

The 23-year-old from Val D’ls&re, who hit his 
right knee against a gate in a slalom in France 
list week, overcame a near-spill midway 
through the second run to post a winning aggre- 
gate tune of 1:35.12 minutes. 

' He came from Tour places back in the first 
heat to bat Tomba by 0.1 1 seconds for the fust 
French victory this season, and the first by a 
Frenchman on the Miramonti track in 23 years. 

' •- Tomba. cheered by 10,000 fans, failed to win 
for the fifth consecutive time in his favorite gate 
races and for the third time in the slalom. 

"■ 'And, for the first time in his career, the 
Italian failed to win a World Cup race in the 
first month of the yearly competition. 

■■‘‘I did not push in the first run because I was 
afraid of missing a gate,” said Tomba. “Bianchi 
tobk a lot or risks in the second heat and I 
didn't.” 

' But. following Sunday’s third place in the 
giant slalom at nearby Val Badia and his second 
place here, Tomba does have the lead in the 
overall (fop standing s, with 256 points. Four- 
time World Cup champion Marc Girarddli of 
Luxembourg, first in Val Badia but a distant 
20th in Tuesday's slalom, fell to second place, 
nine points behind Tomba. 

;! Norway's Jan Einar Thorscn, who did not 
start here, held third with 197 while Bianchi 
Climbed to eighth place with 180. 

. Tomba, the only skier to win consecutive 
Olympic titles, in Calgary and Albertville, will 
turn 26 while racing Saturday at the Slovenian 
resort of Kranjska Gora, where a giant slalom 
and a slalom are scheduled over the weekend. 

. “1 have two more chances in the next races at 
Kranjska Gora and I hope to give myself a 
birthday gift," Tomba said, adding that ^irar- 
defli and specialists of speed races are going to 
fight back in the January races." 

Bianchi, who first won a slalom in Garmisch- 
Pirtenkirchen, Germany, last season, said he 
had a s mall advantage in the second run, be- 
cause it was set by Stefano Dalmasso. the 
Italian coach of the French slalom team. 

“1 nearly missed a gate on the top. Then I 
decided to take all risks. 1 nearly fell in foe 
lower pan, i made several mistakes and I really 
$ou!d not believe I was the winner,” he said. 

He said his right knee caused him problems 
during both runs. 


"Because of this injury I will only race the 
slalom in Kranjska (fora, giving up the giant 
slalom,” Bianchi said, adding that "I hope that 
no surgery is needed" on the knee, which will be 
examined again after Sunday’s slalom. 

Thomas Sykora, a strongly built Austrian 
slalom specialist who has been off to a good 
start this season, placed third as the big World 
Cup names had a disappointing day. 

Olympic slalom champion Finn Christian 
Jagge of Norway, last year's winner here, fin- 
ished 14th with a gap of 1.73 seconds. 

World Cup defending champion Paul Accola 
of Switzerland finished 17th and fell to I3fh 
place overall. 

Austrian Bernhard Gstrein, the fastest in the 
first run, made a streak of errors in the second 
run and slipped to eighth place. Teammate Hu- 
bert Strok, who trad stunned the crowd with the 
fastest first run, then was disqualified for strad- 
dling a gate on the top of the course. Norwegian 
ace Kqtil Andre Aaiiudt was also disqualified. 

Patrick Staub or Switzerland had the fastest 
second run, 49.54 seconds, which earned him 
fourth place. 

• The men's downhill race in Val d’Isfcre that 

was called off Dec. 4 because of high winds will 
be held at Gannisch-Partenkirchen on Jan. 8, 
Reuters reported. 

The German resort is also scheduled to stage 
another men’s downhill and a slalom on the 
following two days. 



Ackim Fence- IW< 

Patrice Bianchi dared to be great on the second run and won the slalom at Madonna tfi Amyffin, Italy. 


UEFA Quarterfinal Draw Favors Ajax TheUEFACupDmw 

Jf QM U f ft lth 


Reuters 

GENEVA — The reigning UEFA 
Cup champion. Ajax Amsterdam, was 
handed the idol draw Tuesday for its 
bid to retain the trophy when it was 
paired with Auxerre of France and 
avoided the big guns Ju vent us. Real 
Madrid and Beiifica in the quarterfi- 
nals. 

The Dutch club's good luck in dodg- 
ing the other three former European 
champions, coupled with the psycho- 
logical advantage of playing foe second 
leg of its tie against Auxerre at home, 
makes it a strong favorite to reach the 

semif inal* 

France's other team in the tourna- 
ment. high-riding Paris Sl Germain, 
was given an equally lough task when it 


was drawn against six-time European 
champion Real Madrid. 

Italy, which like France has two 
teams in the last eight, remained on 
course for gaining a UEFA Cup finalis t 
for the fifth straight year when Juventos 
and AS Roma were kept apart 

Juventus will play Benfica in a show- 
down between two former European 
champions and Roma, the losing 1991 
finalist will faceBonusia Dortmund of 
Germany. 

Auxerre’s dismay at being drawn to 
play Ajax was s umm ed up by the chib 
secretary, Michel. BiOam, who said, 
“We would have preferred any other 
club, especially as Ajax has such a for- 
midable reputation in UEFA club com- 
petitions. 


"We would also have preferred to 
have played the first match away. We 
expect two tough matches.” 

But the Ajax dub president Michael 
van Praag, while delighted at playing 
the March 3 first leg at Auxerre, was 
cautious about the tie against the 1990 
quarterfinalists. currently fourth in the 
French league. 

"The French dubs are really very 
strong this season and we are not going 
to take any chances,” he said. 

"All eight dubs at this stage in the 
UEFA Cup are equally strong, and in 
my opinion much stronger than the 

Real Madrith^tru g gli n g to find its 
best form in foe Spanish league this 


Quo-terfiMis 

Hnt lea March % second tog March 17 
AS Romo va. Barusski Dortmund 
-- Real Madrid vs. Parts SL Germain 
Bert) lea Lisbon w. Juvcntvs Turin 
Aiunrra vs. AJax A m stordom 

season, was equally cautious about be- 
ing drawn against a rejuvenated Paris 
team. 

Manuel FeraAndez, Real’s interna- 
tional manager, said that "Paris Sl Ger- 
main is a vary good dub, a prestigious 
dub which has already etimmatedNa- 
poli and PAOK Salo nika They are not 
a dub we can underestimate. 

“The problem is that the Spanish 
media and public expect os to win ev- 
erything and we are always under great 
pressure. We can look forward to two 
hard matches.” 


Knicks Run Garden Record to 11-1 
As Ewing-Mutombo Rivalry Flowers 


The Associated Press 

NEW YORK — Like Patrick Ewing, their flu- 
ridden center, the New York Knicks came alive in 
foe second half. 

Ewing, who had a fever and sat most of the first 
half with foul trouble, matched his season low with 
4 T points while playing against fellow Georgetown 
alumnus Dikembe Mutombo, who scored 15 and 
had 10 rebounds. 

~ But after a sluggish first half, foe Knicks woke 
up in the third quarter and beat Denver, 106-89, on 


l NBA HIGHLIGHTS 

Monday night to run their record in Madison 
Square Garden to 11-1 this season, the best in the 
NBA. It was the Nuggets’ fifth straight loss. 

- .Ewing said Mutombo was the only reason he 
didn't take the night off. 

“That’s why I played,” said Ewing of the friendly 
nvaby. “I should have just gone home to sleep.” 

- 'Charles Smith scored 23 points and John Starks 


and Rolando Blackman each added 17 for New 
York, which has won nine of its last 12 games. 

“For some reason we did not have the energy 
level in the first half," said the Knicks’ coach, Pat 
Riley. "It was sort of like watching paint dry." 

Ewing logged only 12 minutes that half after 
being accidentally elbowed in the face by Mu- 
tombo with 8:20 left in the second quarter. But he 
and Mutombo, held to two and four points, respec- 
tively. in the first half, both came alive in the tnird 
quarter. 

New York took its first 10-point lead, 61-51, 
with 4:43 left in the third quarter. It came on a 
three-point play by Ewing and capped an 11-6 run 
that featured seventh straight pouts by Ewing, 
who had nine in the quarter. 

Mutombo, meanwhile, scored 10 in the period 
but the Nuggets could pull no closer than eight. 
New York led, 76-63, after three quarters. 

The Nuggets, averaging 107.8 points per game 
and 108.8 in their four previous losses, were held to 
16 in the first quarter and trailed 44-39 at halftime. 


Golfs Bid Passes 
First Test at IOC 

The Associated Press 

LAUSANNE, Switzerland — 
The International Olympic Com- 
mittee took a first step Tuesday 
toward including golf in the 1996- 
Olympics at Atlanta. 

The U.S.-based World Amateur 
Golf Council, the ruling body rec- 
ognized by the IOC made the for- 
mal application to include golf in 
the next Summer Olympics. 

The IOCs Program Commission 
agreed unanimously to forward the 
application to a meeting of the IOC 
executive board next March. If the 
proposal passes there, a full com- 
mittee session in June must give 
final approval 

Objections that Augusta Nation- 
al the proposed venue, practices 
discrimination were not addressed 
by tbe commission, which rules 
only on whether a sport qualifies 
for the Olympics. 


Marlins Sign Japan Homer Champ 

MIAMI (AP) — Orestes Des trade, the three- time Japanese League 
home run champion, has signed a contract to play for the Florida 
Marlins, the major league team announced Tuesday. 

The two-year deal will pay Des trade, a Cuban who grew up in Miami, 
an estimated S3J million. ■ 

Destrade, 30, played four years with the Stibu Lions. hktin$ 42, 39 and 
41 home runs the last three seasons as the Lions won the Pacific League 
championship each year. He played in 45 major-league games in 1987-88 
with foe Pittsburgh Pirates and New York Yankees, hitting .182 with one 
home run. 


For the Record 

Arthur Ashe, 49, the only blade man to win the Wimbledon champion- 
ship. who revealed last April that he has the AIDS virus, has been selected 
sportsman of the year by Sports Illustrated magazine. (AP) 

Uldo Katayama of Japan win drive for tbe Tyrrell team in the 1993 
Formula One races, the team said on Tuesday. (Reuters) 

Wilson Carios Mono, the Brazilian international wfl] play for Yamaha 
next year as it bids to join Japan's first professional soccer league, the 
club said Tuesday. (AFP) 

SwetEsh police officials said the cost of security for tbe European 
Championships in June had cost between 122 million and 525 million; 
Sl 7-5 million had been budgeted. (A FP) 

Dennis Bynl, the defensive end who broke bis neck Nov.29 and has been 
partly paralyzed since, is showing signs of slight improvement (NYT) 


A Gift From Brazil 
To Fit the Season 

International Herald Tribune 

L ONDON — *T1s the season when old friends come a calling, and none will 
be more welcome than was Tele Santana, with his spirited gift of of samba 
soccer, when Sao Paolo came from a goal down to outplay Barcelona for the 
World Club Cup in Tokyo. 

Deciding the tide on a single match between jet-lagged opponents is not 
foolproof, but it is as near as we get to an official world champion each year and. 
as Santana justifiably said. "We conquered on merit.” 

Indeed, they did. They lifted the soul of this grand old game, inspired voting 
Japanese fans to cascade onto foe field Sunday to mob the players. 

It had never happened that way before. Not in foe decade that Tokyo has 
hosted foe Europe-South America champion of champions match have foe 
Japanese spectators witnessed foe authentic flow of Brazilian soccer. 

Those of us who haw were almost dancing across our living rooms. Sure, it 
came to us only via the keyhole of television, but some among us have refused to 
give up the ghost on having our memories 

revived. Bob eT* # 

It is high time Tele Santana had this day. 

Santana is foe champion to all who believe nt * s " ^ ^ 

winning without style is worthless. In two 

World Cups, 1982 and 1986, his teams expressed the joy of the real game, yet 
when they failed to win the trophy he was pilloried and' even stoned. 

In his own youth be had been called "Thread of Hope” because, though 
slight, his spirit was enormous. We can only guess at bow many times that 
thread might have snapped, but on at least three occasions he "retired.'' and 
three times he came back because, although he admits that as a consequence he 
scarcely saw his children grow up. he was addicted to proving that the 
abandonment of Brazilian style was not a prerequisite to winning. 

For two decades he has fought foe physical fitness coaches in his country who 
took the movement, foe imagination, but of Brazilian play in the misguided 
belief that they could never match the European method and mentality. 

This “Europeanization" put despair into hearts from Pete down. Yet in Brazil 
the individual skills kept emerging even though foe foundations crumbled. 

This year, foe Maracana, foe most famous soccer bow] in foe world, reached 
such a state of decay and neglect that a part of it fell crushing specimens. It is now 
dosed, and no one knows when an economic miracle can be found with which to 
resurrect it. But fallen, the structure symbolizes the corruption within foe game 
itself — the violence on the Geld, tbe doping, the rais-admimstration around which 
even the No. 1 soccer nation in the world is losing its fanatical appeal. 

At one recent league match attendance was recorded as 64. Yet in Sao Paolo! 
Santana has built a side that people clamor to see. A week ago, just before flying 
to Tokyo, foe team played its 82d match of a chronically overburdened year in 
foe Munimbi stadium. 

The crowd numbered 90.000. From foe other side of the world, again via 
satellite, we could fed foe old sensations: The rhythm of play, the beating of 
drums, foe sheer fascination of men toying with the ball. 

I T WAS THE first leg of foe Paulista League Cup final against Palmeiras. It 
represented, in cameo, foe struggle for Brazilian play: There was outrageous 
inventiveness, the flicks and touches that seem to shorten to breathtaking degrees 
the transmission between an idea in foe brain and a movement in the feo. 

Yet there were atrocious fouls, men backed in full flight, red cards, mayhem. 
In foe end, however, dass told. Sao Paolo's captain, Rai, scored three goals of 
predatory instinct served by galvanic runs and passes from fullback Cafu and 
foe repatriated Torino winger Muller. 

This Rai is f amili ar. In his long, lean body, his ability to create out of 
languidness and his eye for a chance, he resembles a man who captained 
Santana's 1986 World Cup team. 

He should. Rai 27, is foe younger brother by 1 1 years of Socrates, the medical 
doctor whose exotic name and unforgettable style were woven into Santana’s 
beliefs on how soccer should be played. 

On Sunday, another former great performer, Johan Cruyff, admitted that his 
Barcelona team lacked foe rhythm that Rai and his playmates conjured up. And 
Rai scored both S&o Paolo goals, foe first with an almost horizontal dive to chest 
. home a cross from Mailer, the second a free kick bit with such deception that 
even a goalkeeper of Andoni Zubizaretta's vast experience could not get a hand 
on it. | 

Barcelona could have lost by the same 4-1 margin that Sao Paolo beat it in a 
rehearsal in Spain last August. No doubt a certain Mr. Berlusconi of Milan is 
right now burning somebody's ear to fix up a television money-spinner between 
■his own multinational team and tbe Brazilian champion. 

Better be quick, Silvio; quick and patient. Nothing lasts in Brazil these days 
and already the monied clubs of Europe are sniffing around Sao Paolo; already 
Marseille’s bid for Rai is in. 

Besides, there are so many commitments. European players who think they 
play too much, travel too far, should experience the sapping schedule of the 
Brazilians, and it is the eighth wonder of foe world that they can come out fresh 
and excited twice, three, even four times a week because their daft dub directors 
so overplay them. 

This Wednesday, for example, Rai will be back in Brazil playing against 
- Germany. Two matches after foal he starts Christmas week with the second teg 
of tbe PauHsta Cup. 

I don’t know how Rai persuaded himself he's as good as Socrates, and I don't 
know where Santana finds foe mental capacity to keep on trying to paint a 
canvass of light out of the depression in Brazilian soccer. But none of us can 
question what counts in Brazil where they are busy building a monument to 
Pete on foe hill facing Rio de Janeiro's statue of ClirisL 
From there to Tokyo is quite a journey, but there, on Sunday, Tele Santana; 
now 61, for once in his life said, “I don’t have words to express my happiness.” 

I can offer him two: logo bonrio. They ore foe words, meaning pretty football 
be has used to insist and insist and insist down the lost years that Br azilians keep] 
the faith in playing their way. 

Rob Hughes eran the staff of Ar Smtar 7>ia. 




















PVTERIVATIQNAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


Page 23 


X 

•i v 


n 


v 




* 




Just a Formality? 
Baseball Clubs File 
Notice for Lockout 


By Murray Chass 

New York Time Service 

NEW YORK — It may turn out 
to be a formality, but it may be the 
fust move in the eighth work stop- 
page in the last eight labor negotia- 
tions between major league base- 
balTs dob owners and players. 

Donald Febr, the head of the 
players muon., disclosed Monday 
that the dubs sent to the federal 
Mediation and Conciliation Ser- 
vice last week a notice that must be 
tiled 60 days before one side can 
enpge in a work stoppage against 
the other. 

The dubs also sent such notice, 
required under the National Labor 
Relations Act, to the U.S. agency in 
November 1989, and the following 
February began a 32-day lockout of 
players from spring training camps. 

This year’s notice was sent last 
Tuesday, the day after the dubs 
voted, 15 to 13, to reopen the col- 
lective bargaining agreement. An- 
nouncing (hat decision, Richard 
Ravitch, the dubs’ chief labor exec- 
utive, stressed that the dubs bad 
not acted with a lockout in mind. 

‘'There was not a single owner in 
the room who advocated that there 
be a lockout or that any decision be 
made about a lockout at this time," 
Ravitch said at the time. 

But filing the notice the next day 
once again raised the question of 
trust in the minds of the union’s 
leaden. 

Fehr acknowledged that the no- 
tice is often sent and often routine, 
but he added: “My only point is 
this reopening was accompanied by 
all kinds of suggestions that than 
was no threat, certainly no immi- 
nent threat, to the 1993 season as a 
result of these negotiations. If 
that’s true, then there was no neces- 
sity at all to send this out at this 


point All this could do was pre- 
serve the option to shut It down in 
February. Thai’s the point of this.” 

Charles O'Connor, counsel for 
the Flayer Relations Committee, 
said the primary purpose of the 
notice was to inf onn the mediation 
service that the contract is being 
reopened. Ravitch said the notice 
was sent as a- legal requirement, 
nothing mote. 

■ Steinhach Stays Put 

Terry Steinbach joined the list of 
free agents who have said no to the 
New York Yankees’ millions, 
agreeing Monday to stay with the 
Oakland Athletics for $14 million 
over four years, The Associated 
Press reported. 

Oakland bad been offering a 
SI 2J million package to the catch- 
er until the weekend, when the Yan- 
kees proposed a SI7 million deaL 
In rejecting the offer, Steinbach 
joined a group that includes Bany 
Bonds, Greg Maddux, Dong Dca- 
bek, David Cone and lose Guzman. 

“Money has never been my ma- 
jor focus," Steinbach said. “I would 
like my fair share, but I’ve never 
been one to jump on just the dollar 
amount It’s more the concept of 
what the A’s have meant They’ve 
stuck with me for 1 0 years and I felt 
a sense of loyalty. They came in 
with a very sensible offer.” 

In other deals, Bob Melvin, 31, 
the catcher who played in 32 games 
for Kansas City last season and hit 
.314 in 70 at-bats, agreed to a SI J5 
mil) inn, two-year contract with the 
Boston Red Sox, and Tom Foley, 
the infidlder who had played the 
last six seasons with Montreal, 
agreed to a $360,000, one-year con- 
tract with the Pittsburgh Pirates. 

Pitcher Mike Biekdti agreed to a 





Min ftwBlt/Rctttn 

Mark Higgs, who ran the Raidas ragged, also had a hand in the Dolphins' big play of the third quarter, a 62-yard touchdown pass. 


minor league contract with the 
Cleveland Indians and pitcher Ja- 
mie Moyer agreed to a minor 
league contract with the Baltimore 
Orioles. 

Wade Boggs’s agent continued 
talks with theLos Angeles Dodgers 
and the Yankees. New York is said 
to be offering three years and Los 
Angeles two with an option. 

Steinbach is the first of the Ath- 
letics’ key free agents to re-sign. 
Dave Stewart left for Toronto and 
Mike Moore left for Detroit, while 


Mark McGwire, Ruben Sierra and 
Ron Darling remain unsigned. 

Steinbach will get a $2.8 million 
a erring bonus, 52.1 million in each 
of 1993 and 1994 and $3.5 million 
in each of the final two seasons. He 
made S2 j 05 million in 1992. 

■ Schott Inquiry Continues 

The investigation into alleged ra- 
cial remarks by the Cincinnati 
Reds’ owner. Marge Schott, might 
be completed before the Christmas 
holidays. The Associated Press re- 
ported from Pittsburgh. 


Douglas Danforth of the Pitts- 
burgh Pirates said Monday his 
four-person committee preferred to 
have all its members present when 
it interviewed Schou, who is sched- 
uled to be one of the final witness- 
es. 

“The committee is just continu- 
ing its deliberations," Danforth 
said. “Each of ns are still chatting 
with people who we think might 
have an mpui in the situation. 

That’s about all I can say. We’re 
moving as fast as we can." 


BASKETBALL 


WBAStemfings 

EASTERN CONFERENCE 
Attoottc OtvjlkM 

W L ra BB 

New York U 7 MO — 

New Jersey 11 * J9I 3 

Onando • * An M 

Boston 9 II ASO 4 

Wa s hington 7 13 -3» i 

PNtOdaWlla 1 12 SM CM 

Miami JB Jn 7 

Central Dtvtxion ■ ... .. . 

Qtlcogo 13 6 am — 

Chortotte 11 * JSO M 

Indiana 11 * 550 TV, 

Altcnta U * -524 3 

Milwaukee W 10 JS00 3VS 

Cleveland *11 ASO *Yi 

Detroit 7 10 .412 5 

WESTERN CONFERENCE 
Midwest Dtvtsto* 

W L Pet SB 

Utetl 12 t AO — 

Houston 11 * A4 7 V* 

Son Antonio 9 9 SOD 3 

Denver 7 12 J4B 5V> . 

Minnesota S 12 SM Vts 

Dallas 1 15 MO ID 

Pacific DtvUton 

Phoenix 14 4 J78 — 

Portland 13 6 404 IV* 

LA Lakers 12 4 AO 2 

LACUpeen 12 7 AX2 2U» 

Seattle T2 7 432 Vh 

Gotten state 0 11 AJl Oh 

Sacramento 4 12 333 0 

Denver 14 21 24 24— 88 

New York men m-vss 

Mutombo M 34 IS. Jackson 10-17 4-1 34; 
Smith 5-1 1 13-15 7X Blackmon 7-n M 17, Starks 
4-11 4-7 17. ReMauA— Denver Si [ Mutombo 
101, New York fit (Mason 1D.AHH- Osnvor 
20 (Jackson 51. New York 31 (Riven W. 


College Basketball's Top 25 

The Associated Press' sod whe to ii utom 
vote* la xarenttHse*, records tfcroaeh Dec 
total points bmedoa 39 Points far a first ilace 
vale It wew e ti one point tor a 2Mteoigcg vale 
and previo us ranking: 

Record PH Pvt 


1. Duke (381 

1 Kansas (271 __ 
1 Kentucky 

4. Indiana --- 

5. North Carolina 

4. Mich toon 

7. Satan Hall — 
A Iowa . 


' I. 'Oklahoma 



441 LSH 
541 1383 
44) 1,464 
7-1 Mil 
54) 1,341 

3- 1 W99 

4- 1 1340 

SO LUO 
W 939 
3-2 007 


E. Michloan •& Ashland 40 
Indiana SL at Evansville 55 
Michloan OS. Cleveland St. 54 
Mi nnes ota 9X TexoaBan Antonio 75 
Wisconsin 101, Charleston Southern 71 
FAR WEST 

Montana 5t Sacramento SL 30 
St Mary*, Cat. 43, San Fraodsco SL 30 
UC Stmla Barbara 4a P epperdtn e 55 


Calgary I • 3— i 

Detroit g 0 *-* 

Berube (21, Roberts (if >, Stem t». Sbefsow 
seal Colaary (an Rlendeou) 4-5-11—2*. De- 
troit (an Vernon) 10-12-11—01 


CRICKET 


HOCKEY 


NHL Standings 


SKIING 


World Cup Results 


WALES CONFERENCE 
Patrick Division 


IS Arizona . 
14. Purdue 


17. Ocarafa Tech 

10. Tulane 

1*. Clndnnatf 

20. Nebraska 

21. Louisville 

22. UNLV 

21 Michigan SL - 
24- Connocl tort _ 
25. Camomla 


8» 

11 


W 

L 

T 

834 

» 

Ptrtsburgn 

21 

8 

3 

820 

13 

WOeMnatan 

17 

13 

2 

762 

U 

NY Raracr* 

16 

11 

3 

730 

M 

New Jersey 

13 

13 

1 

604 

It 

NY Htandera 

11 

15 

4 

38S 

17 

Ptifladetohta 

ID 

14 

4 

■450 

31 


Adame DMrira 

427 

» 

Man trem 

1* 

9 

4 

363 

25 

Boston 

18 

9 

2 

311 

* 

Quebec 

16 

10 

6 

313 

22 

Buffalo 

12 

U 

6 

263 

34 

Hartford 

I 

1* 

2 

144 

— 

Ottawa 

3 

26 

3 


Major College Scores 

EAST 

Cent Connecticut a. in AdstoN *4 
Solon Hot! ML SL PeWi 54 
St. Joseph's 52, Drexel 47 
SOUTH 

Ceorata St. a, Tem-Martln 54 
Mercer 11, Cent. Ftofkto 70 
1 Carolina St. 07. Fart Votlay St. 75 
SE Louisiana 72. GnsmMng SL 49 
Southern U. 154, Baptist Christian 91 
MIDWEST 
Ball SL 75. Chicago 51. 49 


111 100 


9 49 144 
CAMPBELL CONFERENCE 
Norris DMM 

W L T PH OF QA 
Chkaaa 17 li 4 30 in 91 

Minnesota 16 11 3 31 104 94 

Detroit 16 16 1 33 137 124 

Toronto 12 13 4 28 M 94 

SL Louis 11 15 4 24 109 124 

Tampa Bay IT 19 2 24 113 124 

Smytfee Division 

Los Anodes 211 I 3 43 145 1W 

Cotoorv 10 10 4 40 124 102 

Vancouver 17 9 3 37 131 92 

Edmonton II 17 4 24 07 B0 

Winnipeg 9 16 3 21 90 114 

San Joes 5 34 1 It ■ 151 


MEWS SLALOM 

AlMadOM Dl eoaipMa, Italy (mWlloeee 
Id parent botes): 1, Patrice BiancM. France 
(4S24-49J4I l:3512ml nutas; 2. AftertaTantoa. 
Italy (45.1350.10) 1 -MAS: X Thorra Svkora. 
Austria (45JU-5033) 1:3540; 4 Patrick Stautv 
Switzerland (45954954) 1:3549; 5, Oliver 
Kuemfc Switzerland (454300119] 1:3541. 

4 Tomas Fosdoe, Sweden (4SM-4KM) 
1.-3&74; 7, Lasse Kliflv Norway (4&626IM9) 
l:35J*i 5 Barnhard Getrain, Austria (4500- 
5591) l -J593; 9. Jure Kostc. StovenM (4SJI4- 
514») 1 34.15; to, Ota Christ km Furuscth, Nor- 
way (4571-6547) 1:34.15 

11, Thomas StanaaeslnBer, Austria (4599- 
5530) 1:3429; 12, Mats EricsarwOweden (4423- 
50.141 1:3429; 13. Michael Van Gnientaen. 
Switzerland ( 4 42 5 5021) 1:3454. 


WORLD SERIES CUP 
(LImlind-evcn match) 
Australia n. west iodies 
Tuesday, le Melbourne 
Australia Imtnas: 19B-8 
West Indies Innings: m 
Result; Australia wan by tour runs. 
ONB-OAY INTERNATIONAL 
Sooth Africa n tedta. twin day 
India Innings: 207-4 


M i nnesota 
Green Bay 
Oitoigo 
Tampa Bay 
Detroit 


PH PF PA 
-443 341 739 
571 241 2U 
2S7 278 318 
204 244 34T 
284 251 305 

PH PF PA 
557 384 216 
784 294 R2 
-429 33 335 
2S7 202328 


FOOTBALL 


NFL Standings 


- rears: 1, Thomas Sykora, Austria, 109 potato; 
(He) Patrice BlancN, France, 140; Tomas 
Fogdoft Sweden. 140; 4. Hubert Strata. Aus- 
tria 120; 5 Alberto Tomba, Italy. 115 

5 Arm in BHfnsr, Germany, 110; 7. Fabrblo 
Teecart, Itaty, 106; 5 Oliver KuonzL Owttzar- 
kM, KB; 9. (No) Michael Trttecher, Austria 
00; Bernhard Geheia Austria 00. 

Meal World Cup ove ral l itn odta si offer 
OHM races tab season: 1. Alberto Tomba 
itaty, 254 paints; 2, Marc GiranMIL Unarm- 
boum, 247; 5 Jan Elnar Tharsen. Norway, 
197; 4, WHItam Bessa Swttzartml, 180; 5 
Thomas Svkora. Austria 149. 

5 Leonard Stock, Austria U0; 7. Franz 
Heinzer. Switzerland, 144; 5 (tic) Patrice 
BtonchL Franc* 140; Tomas Foodoe, Sweden 
M0; 15 Kletll Andre Aamodt Norway. 135 


AMERICAN CONFERENCE 
East 

W L T 
10 4 0 

9 5 0 

7 7 0 

4 10 0 

2 12 0 
Central 
W L T 
» 4 0 

0 4 0 

7 7 0 

4 10 0 


yOvflsio 
Miami 
Indianapolis 
M.Y. Jets 
New England 


x-Pmsbwrah 

Houston 

Cleveland 

□ndrmall 


PH PF PA 

2M 350 240 
543 305 251 
500 179 272 
284 203 274 
.143 182 327 


PH PF PA 
7M 273 20* 
571 308 Ml 
500 245 235 
-206 237 333 


W 

Kansas City 9 

San Diego 9 

Danvar 7 

LA. Rakten 6 

Seattle 2 

NATIONAL 


PH PF PA 
543 285 227 
543 240 213 
500 232 201 
529 2M 225 
.M3 120 271 


v-Dallas 
Washington 
PMtadciPhto 
N.Y. Giants 
Phoenix 


L T 

5 0 

5 0 

7 0 

a o 

12 0 

CONFERENCE 
East 

L T PH PF PA 

3 0 204 341 212 

5 0 543 2*7 217 

5 0 543 317 222 

9 0 J57 241 320 

10 0 2H 227 309 


Central 
W L T 
9 5 0 

B 4 0 

5 9 0 

4 ID 0 
4 W 0 
Wen 

W L T 

y-SanFrandscD 12 2 0 

y-New Orleans 11 3 0 

Atlanta 4 0 0 

LA Rams 5 9 0 

x-ertnefced envision mie 
V-dlncfied Playoff berth 

MONDAY'S GAME 
Mlranl 20, Las Angeles Raiders 7 
NEXT WEEK'S GAMES 
Saturday 

Kansas City at New York GtanH 
Tampa Bay at San Francisco 
Sunday 

Buffalo at New Orleans 
Houston at Cleveland 
Las Angelas Rams at Green Bay 
Minnesota at Pittsburgh 
Now England at Cincinnati 
Phoenix at Inaionapofls 
wash motor at Philadelphia 
Chicago at Datrair 
San Diego at Los Angeles Raiders 
Seattle ot Denver 
Now York Jets at Miami 
mnnrtny 

DaUcn at Atlanta 


TRANSACTIONS 


BASEBALL 


BALTIMOR E — S igned Jamie Moyer, pitch- 
er. raid Scan Caoibaagh, tafletatar. to minor 
leooue contracts and antoned them to Rocfr 
•star, il 

BOSTON— Agreed hi two-year contract 
wtth Bab MeMa catcher. Destanaled Jeff 
Gray, Ditcher, tor assignment. 


Dolphins Bruise 
Raiders to Near 
Spot in Playoffs 


Danforth said the committee still 
did am want to set a deadline for 
the completion of the inquiry be- 
cause “we don't want to leave peo- 
ple out who think they should be 
heard, both pro and con." 

Asked if the investigation could 
be completed by the holidays, Dan- 
forth said it was possible. 

Also on the committee are (he 
American League president, Bobby 
Brown, the National League presi- 
dent, Bill White, and the California 
Angels’ executive vice president, 
Jackie Autry. 


The Associated Pros 

MIAMI — The struggling of- 
fense finally scored a touchdown 
and the defense got another as the 
Miami Dolphins beat the Los An- 
geles Raiders, 20-7, and stayed in 
contention for the American Con- 
ference East title in the National 
Football League. 

The result all but assured a play- 
off berth for Miami and left Los 
Angeles barely alive in the AFC 
wild-card race. 

“They physically beat us,” said 
the Raiders’ quanerback. Jay 
Schroeder. “We expected to run the 
ball and physically pound on (hem a 
Ji tile bit. They beat us to the punch.” 

J.B. Brown scored on a 35-yard 
interception return and the Dol- 
phins’ offense scored its first touch- 
down in nine quarters when Dan 
Marino hit Mark Duper on a 62- 
yard flea-nicker. But Marino gave 
that touchdown back later in the 
third period when Eddie Anderson 
intercepted his pass and returned it 
102 yards. 

Anderson’s return lied for the 
third longest in NFL history. 

Brown’s score was just as sud- 
den. He stepped in from of the 
intended receiver, Willie Gault, on 
a squareout pattern, caught 
Schroeder’s pass in full stride and 
raced untouched down the sideline 
to his first touchdown in four years 
in the NFL 


The play came 20 seconds after 
Pete Story anovich opened the scor- 
ing with a 26-yard field goaL He 
also kicked a 25-yarder in the 
fourth quarter. 

Miami's offense ended its 
drought in the third period when 
Marino handed off to Mark Higgs, 
took a pitch back and threw long to 
Duper. The veteran receiver slipped 
behind Ronnie Lott and Lionel 
Washington, caught the ball over 
his shoulder at the 20 and dashed to 
the end zone for a 17-0 lead. 

Miami threatened again after 
Dwight Hollier recovered a punl 
muffed by Tim Brown at the Raid- 
ers’ 16. But on second and goal at 
the 3, Anderson stepped in front of 
a pass intended for Keith Jackson 
and weaved his way the length of 
the field. 

Marino had a dear shot at tack- 
ling Anderson at the Miami 20 but 
made a half-hearted attempt and 
grabbed only air. 

Anderson’s interception return 
was the longest in Raiders history. 
The previous team record of 97 
yards was set by Mike Haynes 
against Miami in 1984. 

Miami, which had lost five of its 
past seven games, can still win its 
first AFC East title since 1985 if it 
wins its final two games and Buffa- 
lo loses once, or if the Dolphins win 
one of two games and Buffalo loses 
twice. 


After 5-Year Stalemate 9 
NFL May Have a Deal 


By Mark Asher 

Washington Past Service 

WASHINGTON — This much 
seems reasonably certain about the 
labor situation between National 
Football League owners and their 
players: There is either going to be 
peace soon — ending five years of 
litigation over unrestricted free 
agency — or more contentiousness, 
with both sides possibly reluming 
to federal court over a new issue: 
The NFL’s college draft 

Negotiators for the two rides 
were to try to reach a written agree- 
ment on the major issues in Dallas 
on Tuesday. 

The potential agreement report- 
edly included players with five 
years of service in the league be- 
coming unrestricted free agents 
when their current contracts ex- 
pire; a salary cap to be triggered 
when league salaries reach 67 per- 
cent of gross revenues (at which 
time the period for unrestricted 
free agency drops to four years); an 
eventual collective bargaining 
agreement of at least six years; a 
reduction in the college draft from 
12 rounds to seven, and a S19S 
million settlement to the more than 
2.000 plaintiffs in antitrust suits. 

Later in the day, the NFL’s sev- 
en-member Management Council 
was to be asked to ratify the deal; a 
simple majority vote was needed. 

The agreement also would place 
a limit on what each team can 
spend annually on rookies. Under 


terms discussed last Wednesday, 
the rookie limit would be about $2 
million peT team in the first year of 
the deal. 

The NFL’s spokesman, Joe 
Browne, reiterated his earlier state- 
ment that "a lot of work remains to 
be done." Asked to characterize 
those details as substantive or me- 
chanical in nature, Browne replied, 
“Substantive." 

This ran counter to what league 
players were being told by then- 
representative, that all the concep- 
tual issues were agreed upon at 
another in a series of settlement 
negotiations last week and that all 
that remained was agreement over 
important but lesser details. 

“What happens depends on what 
(he committee does,” Doug Allen, 
associate executive director of the 
NFL Players Association, was 
quoted as saying by The Associated 
Press. “The work is just about done." 

If there is no settlement, the next 
step likely would be up to a federal 
judge in Minneapolis, to whom the 
owners would then submit a new 
free- agency system. Also, as Gene 
Upshaw, executive director of the 
players association, said after a 
jury ruled that the owners' free- 
agency Plan B violated the antitrust 
laws, the players might next test the 
legality of the college draff. Quinn 
and Upshaw said after the verdict 
last summer that they would go 
after the draft if a negotiated settle- 
ment could not be reached. 




v 

4 

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SAN MAJtTMO Dl CASTROZZA. 

Poiriiouse spedaailar view Dafanteti 

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VIEW ON UJXEMIOURG GAJtDtN & 
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*90000 Tefc 499131 5B425 


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GREAT BRITAIN 


JNGM9WGE £59/i 

betide |H 


serviced 

From £29 

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3/WC36. 


PARIS AREA FURNISHED 


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Cat 05340345 To* few 
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TO RENT/SHARE 


PARIS ABEA FURNISHED 


U GARES EST & NORD" 

ERODE STXASBOUItG 

Owner rents 

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F14JJ00 diaraas mduded 
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3 Jtighte to 2 Yam. In Centad Para 
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HQMEI FOR EXECUTIVES" 
DeCBCOURT ASSOCIATES 
Td 1-47 53 86 38 Fax 45 51 75 77 


WH C1ASS, CALM, QRHMKY. No 

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Pa i 


Page 24 


HNTER2VATI0IVAL HERALD TRIBUNE, WEDNESDAY, DECEMBER 16, 1992 


OBSERVER 


The Fairy-Tale Cliche 


Voltaire’s Legacy: The Cult of the Systems Men 


PEOPLE 


By Russell Baker 

N EW YORK — The papers 
and the television keep re- 
peating “storybook marriage." 
Eleven yean ago with the same 
v, ill ess monotony they kept repeat- 
ing “fairy-tale wedding." 

What’s a fairy-tale wedding? A 
middle-aged bachelor and an up- 
( ■»- the- minute version of one of 
Evelyn Waugh’s bright young 
usings taking die vows — is that a 
fairy-tale wedding? 

lor a fairy-tale wedding you 
need a glass slipper or maybe a 
■glu- s coffin and a resolute though 
colorless prince willing to travel 
croiind trying to fit women’s feet 


into the slipper or ready to kiss life 
into palpably undead housekeepers 
for dwarfs. 

That business with the glass slip- 
per would probably get a prince m 

dutch nowadays when everybody 
knows about 'foot fetishists and 
se • ual harasses. Also for fairy-tale 
w . Jdings there might to be wicked 
witches, evil stepmothers, fairy 
god mothers. 

None of these would we tolerate 
for an instant today. We are too 
enlightened. We know stepmothers 
arc Just as nice as everybody else, 
and you know how nice that is. 

Fairy godmothers turning pump- 
Lns Into coaches, rats into foot- 
men, squalor into beauty: we know 
ai-.jut fairy godmothers nowadays. 
They are nothing but metaphors, 
ltJ metaphors are poetry, and who 
ants to mope around with poetry 
;. jw when every grocery counter in 
America offers Heartbreak. Mir- 


for all its wonders, is stuporously 
bland in romance and even hostile 
to the poetic imaginati on. That’s 
why the papers and the television 
can get away with idling us that 
overpriced snow nuptials featuring 
two largely uninteresting persons is 
a fairy-tale wedding. 

Yes, their destiny is to be as- 
loundingly rich and perform work 
of preposterous dullness while be- 
ing called “Your Majesty" and 
“Ma’am." The papers and the tele- 
vision think we are so completely 
addled by astounding richness, pre- 
posterous dullness and “Majesty” 
talk that we will accept the fatuous 
“fairy-tale wedding dichfi, thus 
letting the papers and the television 
get away with reporting the story 
with brains turned off. 

□ 

After “fairy-tale wedding" came 


By Barry James 

International Herald Tribute 


P ARIS — Voltaire was an eminently 
reasonable thinker, bill in the hands of 
modem man his ideas have been turned 
into dangerous folly. 

Thus argues the Canadian author J ohn 
Ralston Saul who, is his latest book, “Vol- 
taire's Bastards;" says that the kind of 
critical thinking propounded by the philo- 
sopha of the iSut-centmy Enlightenment 
has degenerated into a cult of managerial 
financial and scientific efficiency bom of 
democracy or morality. 

The result, he says, is the development of 
rational efites that know everything there is 
to know about their self-contained techni- 
cal or scientific wodds, but lade a broader 
vision. They range from Marxist cadres to 
Jesuits, from Harvard MBAs to army staff 
officers, but they have a common underly- 
ing concern: how to get their particular 
system to function. Meanwhile, Saul retain- 
lams, civilization becomes increasingly di- 
rectionless and incotnprebensiblt 
“The single thing that modem managers 
and politicians cannot do properly is to 
manage," Saul said in an interview here: 
“They can administer detail but they can- 
not manage civilization." 

Voltaire used the verbal rapier to prick 
the pretensions of his time. Saul uses the 
verbal blunderbuss. An energetic gadfly, 
be scatters scorn liberally on the techno- 
cratic elites that he says hold sway in 
.virtually every Western country. 

The book is long (more than 600 pages) 
and tmremiitmgly contrarian — more a 
work of extended political polemic than of 
philosophy. It sometimes loses sight of the 
philosophical ramifications of the word 
reason, first by taking the pkilosophes' def- 
inition at face value and then by applying 
it indicriminately to a certain land of mod- 
ern systems mentality. 

Another weakness, arguably, is that the 
book off ere no solutions to the problems it 
identifies, or says what should be put in 
place of the systems it attacks. Saul argues, 
however, that this is not the writer's role. 
“His task is to provide a reflection in 
which society can see itself." 

The reflection is an ugly, but a though t- 
p revoking one. 

According to Saul “Woe Voltaire to 
reappear today, he would be outraged by 
the new structures, which somehow de- 
formed the chang es for which be strug- 
gled. As for his descendants — our ruling 
mites — he would deny all legal responsi- 
bility and set about fighting them, as he 
once fought the courtiers and priests of 
18th-century Europe." 

Saul judges society try its effects and its 
paradoxes. He sees democracies in which 
few participate politically; free speech hob- 
bled by pressure to conform; an obsession 


What’s a storybook marriage? 
Anna Karenina married to that 
dim bureaucrat Karenin and carry- 
ing on with Count Vronsky — is 
that a storybook marriage? 

“ Anna Karenina" is a big book 
and a wonderful story and mar- 
riage is what sets it in motion and 
leads to its grim conclusion. 

It is not, however, what the pa- 
pers and the television have in 
mind when they talk about the roy- 
al British “stotybook marriage." 

As a onetime maestro of the re- 
write desk, 1 suspect “storybook 
marriage" is one of those empty 
phrases that sound exciting and 
read like pajge-tunier literature 
while concealing the fact that the 
writer hasn't the faintest idea what 


Li . is and Shocking Truth? 

□ 

As for witches, they now talk to 
reporters about the charity fund- 
risers of their covens, proving that 
even witches nowadays are publici- 
ty -crazed. 

Surely they wQl soon have a 
Witches Association of America in 
Washington, which is to say, a lobby 
cut to persuade Congress that 
witches are just as nice as stepmoth- 
er.-.. so deserve some subsidy money. 
i. may already be shamefully insen- 
r.iive to suggest witches have to be 
w:t.'ked to get into the sisterhood. 

Sisteriiood? What are we saying? 
Half the typical coven in these gen- 
der-speaking days probably has to 

b . composed of men witches. 

So much for the fairy-tale wed- 

c. ng of IK and Charles. The age. 


“Blazing inferno" is a typical 
representative of this newspaper 
prose family. It's faintly suggestive 
of Dante and It sounds as if the fire 
most have been — must have been 
— well, what? L who felled many a 
b uilding in “b laring inferno," had 
not read Dante, didn't care whether 
infernos blazed or sizzled, and 
knew only that the things had 
burned down. 

By talking of this week’s news as 
the end of a storybook marriage, 
the media ding to the fairy-tale 
malarfcey they created for the wed- 
ding. For British monarchy, how- 
ever, this marriage tale may be as 
dark as the story of “ Anna Karen- 
ina," which is not whai most people 
mean when they say “storybook 
marriage." 

Net v York Tima Service 




Booky RdcLm 

John Ralston Sait; says that the kind of critical thfafcmg propounded by die 18th- 
century pidosopbes has degenerated into a adt of efficiency, bereft of morality. 


with free competition masking a vast subsi- 
dized market in armaments: a world of 
violence in which the number people 
killed every day exceeds the daily losses of 
the French Army in the Great War. 

“If philosophy has nothing to say about 
the way that society works, then maybe 
philosophy has got a problem," be said. 

The author said knowledge no longer is 
generally seen as a means of public en- 
Gghtenment, but is rationed out and used 
as “a means of power and control and of 
self-affirmation over other people ” The 


being a fundamental breakdown in com- 
mum cation and civic discourse. 

“The single and shortest definition of 
civilization is the word language, because 
language is communication," Saul said 
“But language essentially no looger serves 
to communicate among the mass of the 
population. The nuclear scientists are no 
longer able to communicate with the medi- 
cal specialists. The presidents of corpora- 
tions cannot communicate with surgeons. 


first thing that technocrats do when they 
get hold of knowledge is to guard it jeal- 


They have turned (heir respective subjects 
into inaccessible dialects.* 


get hold of knowledge is to guard it jeal- 
ously from outsiders, he said, the result 


As a result, he said, the common lan- 
age becomes increasingly confined to 
chfc and irrelevandes, while secrecy ex- 


tends its grip everywhere. In Britain, Saul 
noted, even the gardeners at the royal 
parks and ibe museum curators are bound 
by the Official Secrets Act. 

Because of the combination of increas- 
ing specialization and declining communi- 
cation. Saul argues, modern executives fail 
to see “that what does not seem to work in 
military strategy' is. in fact, what doesn’t 
work in museum administration either." 

Good leaders, Saul said, are often not 
concerned with administration or manag- 
ing detail but with concepts and ideas. 
They may even seem lazy. 

“They have a tendency to stay in bed 
and gel up late." Anwar Sadat of Egypt 
was a notorious late riser. Mackenzie 
King, a former prime minister of Canada, 
stayed in bed until noon. Winston Chur- 
chill frequently chose to work in bed. while 
President Charles de Gaulle, although ac- 
cused of dictatorial habits, “often con- 
fined himself to correcting the grammar in 
his ministers’ letters" — leaving them to 
get on with the details of a dmin istration 
while he pondered grander things. 

Saul argues that the cull of efficiency 
and reason began with the Jesuits, who he 
said embraced a method of A priori reason- 
ing, efficiency and secrecy divorced from 
ethical considerations — the idea that the 
end justifies the means. 

He said modem civilization goes far- 
ther, because it marries Jesuit methodolo- 
gy to the concept of the nation-state and 
the overriding principle of raison d’etat. 
“Systems dominate everywhere as do the 
systems men. At the same time national- 
ism has never been so strong, so much an 
end in itself." 

Voltaire ridiculed the elite of bis day as 
pitifully ignorant, of being incapable of 
thinking and asking questions and talking 
in wide circles. Saul says, however, that 
“the technocrats of our day make the old 
aristocratic leaders seem profound and 
civilized by comparison. The technocrat 
has been actively, indeed intensively, 
trained. But by any standard comprehen- 
sible within the tradition of Western civili- 
zation, he is virtually illiterate. " 

The author compared the polymath-sci- 
entists of the 18 th century to doctors today 
who earn hundreds of thousands of dollars, 
whose knowledge and vocabulary is limited 
to a single organ, whose acquaintance with 
literature is derived from the reading of a 
few formula thrillers and whose political 
understanding is limited to a schematic 
view of capitalism versus communism. 

Saul said that the worn thing for mod- 
em elites is to admit doubt, m Socratic 
dialogue; every answer raises a question 
but “with the contemporary elites every 
question produces an answer." Thus en- 
sues a civilization of enormous technologi- 
cal power but puny wisdom. 


Streisand and Sony Set 
Fora $60 Million Deal 


class: Sony has signed a $60 
contract with the singer, putting 
her right up with the top eamcn,- 
Madonna, Prince and Mkfc*} 
Jackson, according to New York 
Newsday. Streisand. SO, would m 
paid an estimated S3 milliaa % 
each film she directs and S5 nuUim 
for each album she produces over 
the 10 years of the deaL Streisand 
also reportedly will get a $4 miliicn 
advance per film performance, and 
SI million for each movie she pro. 
duces. 

□ 


INTERNATIONAL 

CLASSIFIED 

Appears on Paget 4 & 23 


WEATHER 


CROSSWORD 


Forecast for Thuraday through Saturday 


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A dorm will movo Into the 
northwestern United States 
Thursday, then race across 
the Rockies Friday Into Sat- 


Europe 

Much of Europe will have 
dry. tranquil weather today 
Into Uia coming weekend. 


Asia 

Snow wilt spread across 
central China beginning 


urdsy. Chicago and the rest 
of tna mldsoction of the 
nation will be chilly with 
some sunshine. MUd weath- 
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east Thurodsy Wo tt» week- 
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will be cool Thursday 
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shine. After some showers 
early this week. Hong Kong 
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letter 
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43 Public 
storehouse 

44 One way to get 
off base 

45 Actress 
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47 Mount . 

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34 Burned 
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BOOKS 


BEST SELLERS 


HENRY JAMES: The 
Ima gina tion of Genius 


By Fred Kaplan. 620 pages. $25. 
William Morrow & Co. 


Reviewed by 
Michiko Kakutani 


A N OTHER, biography of Hen- 
/Vry James? Since the publica- 
tion or Leon Edel’s magisterial and 
minutely detailed life of James — 
the five-volume study was complet- 
ed in 1972 and is widely acknowl- 
edged as one of the preeminent 
examples of the biographer's art — 
it would seem an act of hubris or 
foliy to attempt another portrait of 
die Master. 

And only last year, R.W.B. 
Lewis sidestepped the problem of 
grappling with EdeTs achievement 
by writing a group portrait of the 


James family, which focused on 
Heruy's affectionate rivalry with 
his brother William. 

None of this seems to have de- 
terred Fred Kaplan, the author of 
biographies of Dickens and Thom- 
as Carlyle. His portrait of James, 

K rcdictabfy enough, remains heavi- 
j indebted to Edel's, in its facts, its 
Freudian interpretation and its use 
of James's fiction as an instrument 
fra- deciphering the author’s life. 

Considerable space is devoted to 
James's repressed homosexuality 
and his homoerotic feelings toward 
William; and a large portion of the 
narrative focuses on James's mone- 
tary difficulties and preoccupation 
with success. The resulting book. 


though certainly readable enough, 
lacks the vivid emotional chiar- 
oscuro of Edel's work; it provides 
the reader with a straightforward, 
depressingly determmistk portraiL 


As in his 1988 biography of 
Dickens, Kaplan frequently as- 
sumes the role of psychoanalyst, 
finding in his subject's childhood 
and youth ah the seeds of his later 
life and art Hemy, we are told, 
allowed his older brother to play 
the role of the self-assertive, self- 
dramatizing male, while he adopt- 
ed a passive, feminine stance to- 
ward the world that enabled him to 
withdraw into an imaginary world 
of books. 

In later years, Kaplan says, 
James's shyness and emotional reti- 
cence would turn him into a perpet- 
ual observer. As an artist, he be- 
lieved, he could stand apart from 
the hectic world of passions and 
use that distance to give his obser- 
vations a transcendent and re- 
demptive form. 

For a writer who led a fairly 
uneventful life (devoid of youthful 


adventures, glamorous civilian jobs 
and marital strife;. James was re- 
markably busy, turning out books, 
stories, reviews and letters at a 
frantic pace, while keeping a heavy 
schedule of traveling ana socializ- 
ing. His friendships with Edith 
Wharton, William Dean Howells, 
John Singer Sargent, Conrad, Wells 
and Turgenev spanned the artistic 
worlds of America, England and 
France. His long lifetime encom- 
passed the Civil War and World 
War L the Dreyfus affair and the- 
trial of Oscar WOde in England. 

Unfortunately, this richness of 
incident in James's life frequently 
forces Kaplan into tiresome sum- 
maries of his subject's activities, 
poorly disguised laundry lists of 
places visited and people met. To- 
ward the end of the book, this com- 
presson of events gets even mote 
exaggerated, as Kaplan hurries to 


finish his story. Illuminating stories 
like "The Jolly Corner" are 
skimmed over in a sentence or two, 
and pivotal events — like William’s 
death — are dismissed in a couple 
of pages. 


The New Ymfc Times 

This tin is based on reports from more than 
1000 bookstores throughout die United States. 
Weeks on list are dm necessarily amseaufo. 


When it comes to analyzing 
James's major works. Kaplan is 


decidedly more provocative, pro- 
viding the reader with some inter- 
esting, if extremely Freudian, inter- 
pretations of the author's 
autobiographical impulse. 

The problem is that they ate 
overly reductive, always a liability 
in literary criticism, but especially 
so in thecaseof James, a novelist ra 
sensibility whose very art.depended 
on the subtle delineation- or the 
nuances of the human spirit. 


FICTION 

Ufa Lw Wed, 

W«k WadoaUfl 

1 DOLORES CLAIBORNE by 

Stephen King I 2 

2 MIXED BLESSINGS, by 

Danielle Sue] ... 2 4 

3 THE TA LE OF THE BODY 

THIEF, by Anne Rice 3 8 

4 MEXICO, by lames A. Mich- 

cner . 4 6 

5 THE GENERAL'S DAUGH- 


SON COUNTY, by Robert 
James Waller 9 18 

13 DRIVING FORCE by Dick 

Frauds 11 7 

14 DOMES OF FERE by David 

Pririrngt mwmwn 13 3 

15 WHERE "is JOE ’ 

CHANT. by Jimmy BuHetl -. IS 


NONFICTION 


TER. by Nebco DcMUle 3 

6 THE PELICAN BRIEF, by 

John Grisham 10 40 

7 THE STARS SHINE DOWN, 

by Sidney Sheldon 6 9 

8 MOSTLY HARMLESS, by 

Potato Adam ■ 7 7 

9 GRIFFIN & SABINE by 

NickBafflock 12 15 

18 SAB INFS NOTEBOOK, 

Nick Bontoek — 8 9 

11 GERALD'S GAME by Sa- 

phen King 14 22 

12 THE BRIDGES OF MADI- 


Michiko Kakutani is on the staff 
of The New York Tones. 


1 THE WAY THINGS 
OUGHT TO BE by Rush H. 

Limbauzh 3rd 1 

2 IT DOESN'T TAKE A 
HERO, by H. Norman 
Schwarzkopf wilh Peter Feue 2 

3 EVERY LIVING TFUNCJ, by 

James Hemoi 4 


18 BANKRUPTCY 1995. by 
Hairy E Figgis Jr. with Ger- 
ald f. Swanson 8 7" 

11 JFK: Reckless Youth, by N>- 

nj HamiJioti I 

12 EARTH IN THEBAIANCE 

by Al Gore 10 27 

13 GENIUS, by James Glefcfc 13 6 

14 THE SILENT PASSAGE by 

Gail Sbeefay 11 29. 

15 YOUNG MEN & FIRE by 

Norman Maclean 15 15 


4 SEX. byMactama 

51 CAN'T BELIEVE I SAID 
THAT! by Katbie Lee Gifford 

wiih Jim Jerome 

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ADVICE, HOW-TO 
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SUCCESS, by Marian Wright 

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TION BOOK, by H. Jackson 

Brown Jr. ... ■ ■ 3 

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The New Yorker reported that 
the spirit of Princess Dtaa’s dead 
father sees “a new suitor m the nev 
year" for the recently separaud wife 
of Prince Charles, the princess's 
spiritual consultant said. Betty 
Pa&o. who has been Diana's dair- 
voyanl since 1987. said she often 
speaks with the spirit of Dima's 
father, the late Earl Spacer, in the 
presence of the Princess of Wales. 
□ 


A $34 million film biography of 
Charlie Cbaphn opens in London 
on Wednesday but has already nm 
into carping from critics who say the 
bowler-hatted tramp be invented 
just isn’t funny any more. Sir Kkfe- 
ard Attenborough's tribute treads 
an uneasy tightrope between ador- 
ing worship of the Chaplin legend 
and poking around in tire private Me 
of the star, a womanizer who mar- 
ried four tiroes and sired 1 i children. 
He died in Switzerland in 1988, a 
multimillionaire who detested “lit 


The fashion designer Vfrieme 
Westwood caused a stir on Tuesday 
when she left off her underwear for 
an audience with Queen Efizafcetfa 
EL Westwood, SI, known as the 
“Queen of Punk" for pioneering (he 
punk movement of (he 1970s, re- 
ceived an Order of tire British Em- 
pire dressed in a respectable grey 
wool suit with long skirt and fitted 
jacket Asked if she wore underwear 
to receive the honor ax Buckingham 
Palace, she said: “I didn't actually. 1 
wore tights and I have got a bra on 
but no knickers.” 











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